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Monetary policy and the great inflation in the United States : the Federal Reserve and the failure of macroeconomic policy, 1965-1979 / Thomas Mayer.

By: Mayer, Thomas, 1927-.
Material type: TextTextPublisher: Cheltenham, Glos, UK ; Northampton, Mass. : Edward Elgar Pub., c1999Description: ix, 151 p. : ill. ; 25 cm.ISBN: 1858989531.Subject(s): Monetary policy -- United States -- History | Inflation (Finance) -- United States -- History | United States -- Economic policy -- 1961-1971 | United States -- Economic policy -- 1971-1981 | Board of Governors of the Federal Reserve System (U.S.)
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Item type Current location Call number Status Date due Barcode
Book University of Texas At Tyler
Stacks - 3rd Floor
HG539 .M39 1999 (Browse shelf) Available 0000001370972

Includes bibliographical references and index.

Reviews provided by Syndetics


Mayer, a distinguished macroeconomist, has written a fascinating book about the causes of the 1965-79 "Great Inflation" in the US. Refreshingly, the methodology of this study is akin to that of the Wesley Clair Mitchell-era National Bureau of Economic Research (NBER), rather than a strictly econometric analysis of the issue. The author's analysis relies on Federal Open Market Committee (FOMC) minutes and interviews with former members. He concludes that the most important factor for the inflation was the preponderant opinion of macroeconomists that inflation was not a disaster; instead, macroeconomists were more concerned about unemployment (p. 119). Other major factors cited by Mayer were excessive reliance of the FOMC on intuition rather than coherent analysis, political pressures, and the desire to avoid interest-rate fluctuations. This book can be understood by the general public and should be welcomed for that reason alone. However, it is especially hoped that it will be read by macroeconomists who are busy churning out complex regression analysis only to find incomplete answers to questions that can only be fully answered within a political economy perspective. Recommended for public, academic, and professional collections. R. J. Phillips Colorado State University

Author notes provided by Syndetics

Thomas Mayer is a consultant and educational director for the Institute for Health Care Advancement. Previously he was a principal with the benefits consulting firm William Mercer. Together with his wife Gloria Gilbert Mayer they wrote The Health Insurance Alternative, a guide to HMOs. <p> 050

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