The case against 2 per cent inflation : from negative interest rates to a 21st century gold standard /
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| Format: | eBook |
| Language: | English |
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Cham :
Palgrave Macmillan,
[2018]
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| Online Access: | Connect to the full text of this electronic book |
Table of Contents:
- Intro; Dedication; Acknowledgements; Contents; Chapter 1: Next: The Fifth Stabilization Experiment Under Fiat Money; First Stage of Fiat System Disorder: 1914-31; Second Stage, 1931-68; Third Stage: 1969-85; Fourth Stage: Mid-1980s to Present Day (2018-?); How Would an Asset Price Deflation Crisis Emerge?; How Could a Goods and Services Inflation Shock Erupt?; The Looming Fifth Stage of Monetary Disorder; Bibliography; Chapter 2: Origins of the Global 2% Inflation Standard; Inflation Shock of the Late 1980s; New Zealand Leads the Way; Stanley Fischer and the Neo-Keynesian Reach for Power
- The Glacial "Ascent" of the US to Joining the 2% Inflation StandardGreenspan and Bernanke Complete the Journey to 2% Inflation Standard; Summary: The Present Case Against 2% Inflation; A Look-Back to Contemporary Arguments Against 2%; Bibliography; Chapter 3: Diagnosis of Monetary Inflation in Asset Markets; Asset Price Inflation Defined; Stages of Asset Price Inflation; The Twins of Asset Price Inflation and Goods Inflation; Characteristics of Boom-Type Asset Price Inflation; Characteristics of Depression-Type Asset Price Inflations; Carry Trades Under Depression-Type Asset Price Inflation
- 2018: Depression-Type Asset Price Inflation UpdateBibliography; Chapter 4: Manipulation of Long-Term Interest Rates; The Journey to Long-Term Rate Dysfunction; Bernanke Dislocates the Monetary Base; The Cost of Long-Term Rate Market Dysfunction; The Re-entry Problem: How Bond Markets Return to Normal Signalling; Monetary Policy Anaesthesia Under 2% Inflation; Bibliography; Chapter 5: A Failure of US Checks and Balances; The Acquiescence of Congress in the 2% Inflation Target; 1920s Precedent for Congress Ignoring Fed Policy as Cause of Crisis
- Congress Adopts a Price Stabilization Mandate First in Mid-1970sNo Murmur from Congress When Fed Abandons Money Supply Targets; Republicans Fail in Their Opposition to "Obama Fed"; Audit the Fed; A Coalition for Sound Money Reform; Bibliography; Chapter 6: Digitalization, Camouflage, and Monetary Inflation; Camouflaged Inflation; Digitalization Revolution Enables the Monetary Inflationist; Speculative Narratives Justify Bad Bets; The Digitalization Revolution and the Neutral Rate of Interest; The Camouflaged Monetary Inflation Boost of 2016-17; Bibliography
- Chapter 7: Much Ruin in Japan's Journey to 2%The Miracle Years End in Great Inflation; Japan on the Edge of Monetarist Experiments 1977-84/85; Japan's Camouflaged Monetary Inflation in Response to Plaza 1985-89; The Depression and Rapid Recovery Which Did Not Occur 1990-97; Radical Monetary Experimentation Fuels a Giant Yen Carry Trade 1998-2007; The Shirakawa Resistance to US-Led Monetary Inflation 2008-12; Shinzo Abe Puts Japan on the 2% Inflation Standard; No One Believes the Bank of Japan's 2% Inflation Megillah; Japan Heads Towards End Phase of Asset Price Inflation; Bibliography