Christina Romer and David Romer have provided very helpful advice in preparation of this paper. Thanks also to seminar participants at University of California, Berkeley, and the Reserve Bank of New Zealand for their comments, and to the Institute for International Studies, University of California, Berkeley, for financial support.
The Great Inflation Was Not Asymmetric: International Evidence
Article first published online: 15 MAY 2008
© 2008 The Ohio State University
Journal of Money, Credit and Banking
Volume 40, Issue 4, pages 799–815, June 2008
How to Cite
SCRIMGEOUR, D. (2008), The Great Inflation Was Not Asymmetric: International Evidence. Journal of Money, Credit and Banking, 40: 799–815. doi: 10.1111/j.1538-4616.2008.00137.x
- Issue published online: 15 MAY 2008
- Article first published online: 15 MAY 2008
- Received January 26, 2007; and accepted in revised form February 12, 2007.
- Great Inflation;
The rise and fall of inflation during the Great Inflation were events of approximately equal duration in developed economies. Relying on data-driven methods, this paper shows the American experience, in which inflation fell more quickly than it rose, was anomalous. This suggests that theories explaining the asymmetry in the American data may not be so applicable to a broader sample of countries.