Economist's View: Money and Inflation
Getting ready for class tomorrow and was reminded of this graph from Mishkin's text: The graph shows two things. First, it shows the long lag between changes in the money supply and changes in the inflation rate. There is a close association between inflation and the growth rate in M1 two years earlier. When the supply shocks of the 1970s are accounted for, the association is even closer. Second,
Sticky situations
Sticky situationsEconomists are learning more about a fundamental question: how often do prices change? FROM Washington to Wellington price stability is the desire of central bankers. Many of them have it, more or less: consumer-price inflation is 2.1% in America, 1.6% in the euro area, 2.4% in Britain and 0.6% in Japan. You might suppose that because the overall price level is not changing a lot,
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