A collection of essays spanning the decade from 1968 to 1976 that cover the nature and cause of inflation, historical surveys of inflation, and policy analyses. The selection of essays is meant to reflect the perception of the problem of inflation, as well as the prognoses and disappointments,...

We previously calculated the profit in issuing notes by national banks to be quite attractive after the late 1890s until all notes were retired in 1935. Yet the banks took until the 1920s to approach the maximum quantity allowed. Proposed explanations in the subsequent literature of this slow...

A variety of theories have been offered to explain why prices generally respond so little to declines in demand, and do so now less than formerly. Most of these center around a dependence of prices on costs, or the anticipated trend of costs, and a greater disregard for short-run changes in...