Money, Inflation and the Constitutional Position of Central Bank

Friedman, Milton

| 2003

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There are at least three requirements for an economy to maintain stable prices. Policy markers and opinion formers must understand that inflation brings no medium or long-term economic benefit; the causes of inflation -- monetary growth -must be also be understood; and there needs to be a stable and credible institutional structure that will deliver a sound monetary policy. This book brings together two classic IEA papers by Nobel Prize winner Milton Friedman with a new work by Charles Goodhart who is a Bank of England Advisor and former member of the Monetary Policy Committee. In doing so, 'Money, Inflation and the Constitutional Position of the Central Bank' provides a thorough yet accessible text appropriate for anybody who wants to understand inflation and how it should be controlled. Friedman's paper, 'Unemployment Versus Inflation?' is a lucid explanation of why higher inflation does...

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