Bordo, Michael D.; Erceg, Christopher J.; Levin, Andrew T. - 2006
by practical policy debates about how to return to the gold standard
following episodes of pronounced wartime inflation … inflation during the 1970s and early
1980s. Most policymakers and academics recommended a policy of gradualism, reflecting their … reducing inflation.
In this paper, we examine three famous episodes of deliberate deflation or disinflation in U.S.
monetary …