The Resurgence of Inflation: Lessons from History and Policy Recommendations (Financial and Monetary Policy Studies, 57)

Preface
	Reference
Contents
Abbreviations
List of Figures
List of Tables
1 Introduction
	References
2 The German Hyperinflation of 1923
	References
3 Macroeconomic Development from the Late-1960s to the Mid-1980s
	References
4 Inflation and Macroeconomic Management in Selected Countries from the Late-1960s to the Mid-1980s
	4.1 The Federal Republic of Germany—Confrontation Between Wage Development and Monetary Policy
	4.2 US—Inflation and the Erosion of the International Role of the US Dollar
	4.3 The United Kingdom—Dysfunctional Trade Union Structure, Wages and Inflation
	4.4 Italy—An Example of Dangerous Muddling Through During Periods of Economic and Political Turbulence
	4.5 Comparison of Developments in the Different Countries
		4.5.1 GDP Growth and Employment
		4.5.2 Development of Wages and Prices
		4.5.3 Monetary Policy
		4.5.4 Fiscal Policy
	4.6 Summary
	References
5 Deflationary Tendencies After the 2008 Financial Crisis, the Covid-19 Pandemic and Stagflation After the Energy Shock
	5.1 Low Inflation and Deflationary Tendencies After the 2008 Financial Crisis
	5.2 The Euro Crisis Starting in 2010
	5.3 The Covid-19 Pandemic Starting in 2020
	5.4 Energy Price Shock and Stagflation After 2022
	References
6 Conclusions and Recommendations
	6.1 Macroeconomic Management After Price Shocks
	6.2 Longer-Term Economic Policy Recommendations
	References
7 Theoretical Explanations for Price Level Changes
	7.1 The Keynesian Approach to Explaining Inflation
	7.2 Extreme Price Level Developments—Hyperinflation and Deflation
	7.3 The Failure of the Quantity Theory of Money
	7.4 The Nominal Wage Anchor and Exchange Rate Anchor as Central Stabilisers
	7.5 Market Power, Price Level Development and Distribution
	7.6 Oil Prices, Price Level and Economic Development
	References