摘要：This paper considers the Great Inflation of the 1970s in Japan and Germany. From
1975 onward, these countries had low inflation relative to other large
economies. Traditionally, this success is attributed to stronger discipline on
the part of Japan and Germany’s monetary authorities – e.g., more willingness to
accept temporary unemployment, or greater determination not to monetize
government deficits. I instead attribute the success of these countries from the
mid-1970s to their governments’ and monetary authorities' acceptance that
inflation is a monetary phenomenon. Likewise, their higher inflation in the
first half of the 1970s is attributable to the fact that their policymakers over
this period embraced nonmonetary theories of inflation.
