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Essay / Research Paper Abstract
This 5 page paper looks at the role of the Federal Reserver Board during the 1970s. Several points of view are noted in respect to monetary policy and its effects. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA22370s.rtf
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a problem, and that monetary policy was implemented, there is still disagreement on what was done and what should be done in general when inflation arises. Some in fact claim
that an analysis of inflation in many texts on the market today are misleading (McGuire & Willman, 1999). For example, many books claim that inflation is either demand-pull or
cost-push (1999). Demand-pull inflation is thought to occur when the demand for goods and services increases more quickly than the economys potential (1999). Cost-push inflation occurs when increases in
costs go down more quickly than does the aggregate supply of goods and services (1999). During the latter part of the 1970s, economists began to look at the impact
of oil prices and their relationship to inflation (1999). What emerged was something called the imported inflation hypothesis, where increases in the price of imported oil were through to
create supply-side shocks that ultimately led to inflation (1999). While many texts blame foreign oil, they fail to use the concept of monetary policy directly into their explanations (1999). McGuire
& Willman (1999) suggest that the typical book outlines ideas concerning cost-push inflation, but is flawed due to the lack of its utilization of monetary policy as implicit (1999).
Authors suggest that monetary policy is in fact most responsible for what has occurred and not extenuating circumstances such as rising oil prices. They say that in respect to inflation,
authors believe that texts should distinguish between changes in relative prices and possible one-time shocks as well as the effect of permanent and continuing changes in price levels
(1999). Another point is that while inflation has been blamed for much of the problems--and admittedly inflation played a significant role in the
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