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1 1 (1975)

handle is hein.amenin/aeiaava0001 and id is 1 raw text is: The Phenomenon of Worldwide Inflation contains the proceedings of a May 1974 conference sponsored jointly by the American Enterprise Institute and the Hoover Institution on War, Revolution and Peace, Stanford University. As David Meiselman and Arthur Laffer point out in their introduction, for too long economists have tended to analyze inflation as if the countries of the world had closed economies- as if domestic considerations alone could explain, and provide remedies for, an inflation in any particular country. The purpose of this conference was to bring together leading scholars representative of major schools of thought on the problem of inflation in order to consider inflation in a world context, with appropriate emphasis put on external factors. The volume is divided into four parts. In Part One Gottfried Haberler provides an overview of the problem, including a discussion of the causes of inflation and the transmission of inflationary pressures from one country to another. Next Arthur B. Laffer examines the degree to which national economies have been and are integrated, placing special emphasis on cross-country movements in prices and in economic aggregates. Allan H. Meltzer, Edward M. Bernstein and Jacob Frenkel comment on the two papers. Part Two focuses on the roles of monetary, fiscal, and stabilization policies. David I. Mciselman, arguing that world inflation can be explained largely by the fact that the quantity of money has been increasing more rapidly than output, presents the evidence in support of this view. James Duesenberry's wide-ranging study explores capital and commodity markets, fiscal policy, and trade patterns and their relevance to the inflation problem. William Fellner, Leland B. Yeager, Thomas D. Willett and Manuel Guitian are the discussants. Part Three emphasizes stabilization problems. Robert Mundell views the world as a fully integrated economic system. Armin Gutowski discusses, among other things, the implications of various exchange-rate mechanisms for the inflation process. George Borts, Richard Cooper, Wilson Schmidt and Marina Whitman are the discussants. In Part Four, Edmund S. Phelps adopts an eclectic approach to examine the inflationary consequences of monetary policy, environmental restrictions, dollar devaluations. and other factors. Herbert Stein discusses the interaction of political and economic factors in the inflation problem. Comments by Kenneth W. Dam, Walter S. Salant and Arnold Zellner conclude the volume. US $12.00 1711 Wit THE PHENOMENON OF WORLDWIDE INFLATION Edited by David I. Meiselman and Arthur B. Laffer ISBN-13 978-0-8447-2057-9 ISBN-10: 0-8447-2057 7 11200 9 780844 720579

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