Inflationary price stability and the Great Crash: an early analysis reconsidered

Nicholas Snowden

Cambridge Journal of Economics, 2011, vol. 35, issue 5, 921-936

Abstract: The historical account of American economic conditions before the Great Crash in A. D. Gayer's Monetary Policy and Economic Stabilisation (1935A) reflects an inter-war debate over the consequences of a stable price level when underlying productivity is rising strongly. Its account evokes, in several ways, recent concern over the emergence of financial sector instability under inflation targeting regimes. A theoretical treatment of the main analysis permits both comparison between different perspectives in thinking at the time and a critical re-examination of the relevance of this thinking to modern policy dilemmas. Nominal targets may have destabilising real sector consequences. Copyright The Author 2011. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Date: 2011
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