Inflation, hyperinflation and deflation have all had profound
effects on societies, especially during periods of war and crisis.
Today's approach to managing inflation has been shaped by these
episodes and informed by debates between different schools of
economic thought from Fisher and Hayek to Keynes and the
monetarists. This accessible and authoritative overview explores
the role of inflation in the modern economy, from its place in
monetary policy and in money supply to its effects on everyday
business. In a compelling analysis, the book shows that since the
financial crisis in 2008-09, inflation rates have remained
persistently higher than interest rates worldwide, which is the
inverse of our basic understanding of how inflation normally
affects markets. The result of this inversion has been that the
effective real return on investment has become negative, and
consequently, the investment rate has dropped across western
economies. At a time when inflation once again challenges the
world's leading economies, the book offers valuable insight into
the monetary policy of central banks.
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