Report on the United States (2)

  • Albert E. Burger


Let me begin by setting forth a position on the features of the ‘new inflation’. First, the current widespread inflation across industrial countries is a ‘new’ inflation only in the sense that it is a phenomenon of the last ten years. The current inflation has not been largely determined by the supply behaviour of non-industrial countries. The basic cause of the current inflation is the same as the cause of all previous inflations — too much money chasing too few goods.


Interest Rate Monetary Policy Federal Reserve Real Output Real Estate Investment Trust 
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  1. 2.
    This section draws heavily upon the article by Denis S. Karnosky ‘Real Money Balances: A Misleading Indicator of Monetary Actions’, Federal Reserve Bank of St Louis, Review (Feb 1974) pp. 2–10.Google Scholar
  2. 3.
    The material in this section draws upon Leland B.Yeager, International Monetary Relations (New York: Harper & Row, 1966) pp. 269–72 and quotes from the League of Nations Study, The Course and Control of Inflation.Google Scholar
  3. See also, Frank D. Graham, Exchange, Prices and Production in Hyper-Inflation: Germany 1920–23 ( New York: Russell & Russell, 1930 ).Google Scholar
  4. 5.
    Rudolf Havenstein, ‘Defending the Policy of the Reichsbank’ (Address to the Executive Committee of the Reichsbank, 25 August 1923) in Fritz K. Ringer, The German Inflation of 1923 ( New York: Oxford University Press, 1969 ) pp. 93–6.Google Scholar

Copyright information

© Banca Commerciale Italiana 1976

Authors and Affiliations

  • Albert E. Burger

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