NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Lucas Papademos

European Central Bank
D-60311 Frankfurt am Main

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NBER Working Papers and Publications

March 2012Panel Session II remarks, The Great Inflation: Lessons for Central Banks
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
This chapter presents remarks by Deputy Governor of the European Central Bank (ECB) Lucas Papademos. He first assesses alternative views concerning the determinants of the Great Inflation by comparing the inflation performance and the conduct of monetary policy in the United States and in a number of European countries. Papademos then summarizes the key lessons for monetary policy that can be drawn from the experience of the Great Inflation in the 1970s and the subsequent period of disinflation in the 1980s, which led to the establishment of a high degree of price stability on both sides of the Atlantic. Finally, he briefly explains that the lessons of the Great Inflation are embedded in the institutional framework and the monetary policy strategy of the ECB, and have guided the conduct of...
June 2007The Effects of Globalization on Inflation, Liquidity and Monetary Policy
in International Dimensions of Monetary Policy , Jordi GalĂ­ and Mark J. Gertler, editors
 
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