Why we need to heed the lessons of high inflation Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past. Granville details the advances in macroeconomic thinking that gave rise to the "Great Moderation"—a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. She makes the case that the central banks' management of monetary policy—hinging on expectations and credibility—brought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought. Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.
As evidenced by the yellow vests protest movement that began in France in 2018, the state of the French nation inspires gloom among many of its citizens. Brigitte Granville views this malaise as a peculiarly French symptom of the difficulties experienced by many advanced industrial democracies in the face of globalization, technology, and mass immigration. Granville brings trenchant criticism to bear in this wide-ranging survey of the political economy of contemporary France, building her case for the prosecution on the self-reinforcing rigidity produced by a narrow Parisian oligarchy that is both entitled and intellectually hidebound. What Ails France? applies an economist's vision to the monetary and fiscal pathologies flowing from this ideologically motivated technocratic rule, reflected in Europe's flawed monetary union, runaway indebtedness, and chronically high structural unemployment. The author marshals academic research from a wide range of disciplines to fuel a provocative and at times contentious analysis, proposing various treatments for French ailments that would reinvigorate the republican value of liberté with a new local slant. An ideologically freewheeling and invigorating discussion, What Ails France? provides a positive take on the innovations of our digital age, exploring their potential to bring about a more representative democracy and a fairer society.
Why we need to heed the lessons of high inflation Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past. Granville details the advances in macroeconomic thinking that gave rise to the "Great Moderation"—a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. She makes the case that the central banks' management of monetary policy—hinging on expectations and credibility—brought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought. Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.
The roots of pragmatics reach back to Antiquity, especially to rhetoric as one of the three liberal arts. However, until the end of the 18th century proto-pragmatic insights tended to be consigned to the pragmatic, that is rhetoric, wastepaper basket and thus excluded from serious philosophical consideration. It can be said that pragmatics was conceived between 1780 and 1830 in Britain, but also in Germany and in France in post-Lockian and post-Kantian philosophies of language. These early ‘conceptions’ of pragmatics are described in the first part of the book. The second part of the book looks at pragmatic insights made between 1830 and 1880, when they were once more relegated to the philosophical and linguistic underground. The main stage was then occupied by a fact-hunting historical comparative linguistics on the one hand and a newly spiritualised philosophy on the other. In the last part the period between 1880 and 1930 is presented, when pragmatic insights flourished and were sought after systematically. This was due in part to a new upsurge in empiricism, positivism and later behaviourism in philosophy, linguistics and psychology. Between 1780 and 1930 philosophers, psychologists, sociologists and linguists came to see that language could only be studied in the context of dialogue, in the context of human life and finally as being a kind of human action itself.
This book provides a comprehensive analysis of the emergence, consolidation and development of the Irish women's movement, as a social movement, in the course of the twentieth century. It seek to address several lacunae in Irish studies by illuminating the processes through which the movement and, in particular, networks of constituent organisations, came to fruition as agencies of social change. The central argument advanced is that when viewed historically, the Irish women's movement is characterised by its interconnectedness and continuity: the central tensions, themes and organising strategies of the movement connects diverse organisations and constituencies, over time and space. This book will be essential reading for those interested in Irish studies, sociology, history, women's studies, and politics.
This paper undermines the conventional view in the West that stabilization policy aggravates poverty, demonstrating in fact that the effect is precisely the reverse. This investigation of the impact of the inflation tax on the monetary assets of Russian households reveals the general effect is clearly regressive, with the wealth of the lowest income groups most severely eroded by high inflation. On the basis of recent historical experience, a modest reduction in the monthly inflation rate from 6% to 5% can be expected to result in roughly 700,000 Russians being lifted above the official poverty line.
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