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Bretton Woods and the great inflation

Author: Michael D Bordo; Barry J Eichengreen; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14532.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
In this paper we show that the acceleration of inflation in the United States after 1965 reflected a shift in perceived responsibility for managing the country's international financial position. Prior to 1965 this responsibility was lodged primarily with the Fed, whose policies resembled those of a central bank playing by the gold standard rules of the game. Over time, however, this responsibility was increasingly  Read more...
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Details

Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo; Barry J Eichengreen; National Bureau of Economic Research.
OCLC Number: 277143842
Notes: "December 2008."
Description: 1 online resource (58 pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 14532.
Responsibility: Michael D. Bordo, Barry Eichengreen.

Abstract:

In this paper we show that the acceleration of inflation in the United States after 1965 reflected a shift in perceived responsibility for managing the country's international financial position. Prior to 1965 this responsibility was lodged primarily with the Fed, whose policies resembled those of a central bank playing by the gold standard rules of the game. Over time, however, this responsibility was increasingly assumed by the Treasury, while the Federal Reserve acquired increasing room for maneuver as a result of the adoption of the Interest Equalization Tax and other policies with effects analogous to capital controls. Once the external constraint shaped policy less powerfully, the Fed pursued other goals more aggressively, resulting in more inflationary pressure. We document these points with a quantitative and qualitative analysis of the minutes of the Federal Open Market Committee.

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