Despite widespread "inflation pessimism," however, during the 1980s and 1990s most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon. ![]() Economists of various stripes have argued that inflation is the inevitable result of (pick your favorite) the abandonment of metallic monetary standards, a lack of fiscal discipline, shocks to the price of oil and other commodities, struggles over the distribution of income, excessive money creation, self-confirming inflation expectations, an "inflation bias" in the policies of central banks, and still others. Since World War II, inflation-the apparently inexorable rise in the prices of goods and services-has been the bane of central bankers. Speech, Bernanke -Deflation- November 21, 2002īefore the National Economists Club, Washington, D.C.ĭeflation: Making Sure "It" Doesn't Happen Here
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