Inflationary price stability and the Great Crash:an early analysis reconsidered

Snowden, N. (2011) Inflationary price stability and the Great Crash:an early analysis reconsidered. Cambridge Journal of Economics, 35 (5). pp. 921-936. ISSN 0309-166X

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Abstract

The historical account of American economic conditions before the Great Crash in A. D. Gayer's Monetary Policy and Economic Stabilisation (1935A) reflects an inter-war debate over the consequences of a stable price level when underlying productivity is rising strongly. Its account evokes, in several ways, recent concern over the emergence of financial sector instability under inflation targeting regimes. A theoretical treatment of the main analysis permits both comparison between different perspectives in thinking at the time and a critical re-examination of the relevance of this thinking to modern policy dilemmas. Nominal targets may have destabilising real sector consequences.

Item Type:
Journal Article
Journal or Publication Title:
Cambridge Journal of Economics
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2000/2002
Subjects:
ID Code:
65677
Deposited By:
Deposited On:
15 Jul 2013 09:11
Refereed?:
Yes
Published?:
Published
Last Modified:
01 Jan 2020 08:34