Coverart for item
The Resource Historical United States Money Growth, Inflation, and Inflation Credibility, William G. Dewald, (electronic resource)

Historical United States Money Growth, Inflation, and Inflation Credibility, William G. Dewald, (electronic resource)

Label
Historical United States Money Growth, Inflation, and Inflation Credibility
Title
Historical United States Money Growth, Inflation, and Inflation Credibility
Statement of responsibility
William G. Dewald
Contributor
Subject
Genre
Language
eng
Summary
This research focuses on the longer-term monetary relationships in historical data. Charts describing the 10-year average growth rates in the M2 monetary aggregate, nominal GDP, real GDP, and inflation are used to show that there is a consistent longer-term correlation between M2 growth, nominal GDP growth, and inflation but not between such nominal variables and real GDP growth. The data reveal extremely long cycles in monetary growth and inflation, the most recent of which was the strong upward trend in M2 growth, nominal GDP growth, and inflation during the 1960s and 1970s, and the strong downward trend since then. Data going back to the 19th century show that the most recent inflation/disinflation cycle is a repetition of earlier long monetary growth and inflation cycles in the United States historical record. Also discussed is a measure of bond market inflation credibility, defined as the difference between averages in long-term bond rates and real GDP growth. By this measure, inflation credibility hovered close to zero during the 1950s and early 1960s, but then rose to a peak of about 10 percent in the early 1980s. During the 1990s, the bond market has yet to restore the low inflation credibility that existed before inflation turned up during the 1960s. The conclusion is that the risks of starting another costly inflation/disinflation cycle could be avoided by monitoring monetary growth and maintaining a sufficiently tight policy to keep inflation low. An environment of credible price stability would allow the economy to function unfettered by inflationary distortions, which is all that can reasonably be expected of monetary policy, and is precisely what should be expected.... Cf.: http://dx.doi.org/10.3886/ICPSR01198
Member of
Additional physical form
Also available as downloadable files.
Cataloging source
ICPSR
Characteristic
combination
Funding information
inap.
Geographic coverage
United States.
Government publication
unknown if item is government publication
http://library.link/vocab/relatedWorkOrContributorName
Inter-university Consortium for Political and Social Research
Series statement
ICPSR
Series volume
1198
http://library.link/vocab/subjectName
  • Economic growth rate
  • Historical data
  • Inflation
  • Gross Domestic Product
  • National economy
Target audience
specialized
Label
Historical United States Money Growth, Inflation, and Inflation Credibility, William G. Dewald, (electronic resource)
Instantiates
Publication
Note
Title from ICPSR DDI metadata of 2004-10-30
Antecedent source
unknown
Color
mixed
Control code
MIU01000000000000005046383
Dimensions
unknown
File format
multiple file formats
Governing access note
AVAILABLE. This study is freely available to ICPSR member institutions
Level of compression
unknown
Note
MU: Records downloaded from ICPSR site on Dec. 8, 2009.
Quality assurance targets
unknown
Reformatting quality
unknown
Specific material designation
remote
System control number
  • (MiAaI)ICPSR01198
  • (OCoLC)ocm61145846
  • (MiAaI)ICPSR01198
  • (OCoLC)ocm61145846
System details
Mode of access: Internet
Type of computer file
0 datasets.
Label
Historical United States Money Growth, Inflation, and Inflation Credibility, William G. Dewald, (electronic resource)
Publication
Note
Title from ICPSR DDI metadata of 2004-10-30
Antecedent source
unknown
Color
mixed
Control code
MIU01000000000000005046383
Dimensions
unknown
File format
multiple file formats
Governing access note
AVAILABLE. This study is freely available to ICPSR member institutions
Level of compression
unknown
Note
MU: Records downloaded from ICPSR site on Dec. 8, 2009.
Quality assurance targets
unknown
Reformatting quality
unknown
Specific material designation
remote
System control number
  • (MiAaI)ICPSR01198
  • (OCoLC)ocm61145846
  • (MiAaI)ICPSR01198
  • (OCoLC)ocm61145846
System details
Mode of access: Internet
Type of computer file
0 datasets.

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