This unique book deals with the most serious macroeconomic failure experienced in the US in the post-war period and the great inflation of the late 1960s and 1970s. It is the first detailed analysis, using Federal Reserve documents, of the thinking behind the inflationary monetary policy during...

Policymakers in governments and central banks and mainstream economists want to improve the stability of our monetary and financial system by more public intervention in, and regulation of, private financial markets. Implicit in this approach is the premise that too little intervention and...

In 1956 when Friedman published his "The Quantity Theory of Money: A Restatement" he faced a daunting task because of the widespread hostility to the quantity theory. This paper looks at the rhetoric (in the non-pejorative sense of the term) that he used to overcome this obstacle, and at some of...

This study reviews and analyzes economic development and polices in Federal republic of Germany in 1980. It traces the dynamics of the cyclical upswing that began at the end of 1982 and describes the geneses of two major imbalances in German economy: high unemployment and large external...