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Drastic Measures

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  • Rockoff,Hugh

Abstract

This is a history of America's use of wage and price controls from colonial times to Richard Nixon's experiment with controls in the 1970s. It explores the impact of controls on prices and productivity, side-effects such as the growth of black markets and the expansion of government, and the relationship between controls and monetary policy. The central conclusion is that, contrary to the conventional wisdom, there are situations where the net effect of controls can be positive. In particular, temporary controls may reduce the unemployment and lost output usually associated with disinflation.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521522038 and published in 2004.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521522038
Handle: RePEc:cup:cbooks:9780521522038

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Web page: http://www.cambridge.org

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Cited by:
  1. Aurora Ascione, 2007. "Non-Price Competition and Exchange Rate Pass-Through," Economics Working Papers ECO2007/54, European University Institute.
  2. J. Bradford De Long, . "America's Peacetime Inflation: The 1970s," J. Bradford De Long's Working Papers _104, University of California at Berkeley, Economics Department.
  3. James K. Galbraith, 1997. "Time to Ditch the NAIRU," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 93-108, Winter.
  4. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping Hyperinflations Past and Present," NBER Working Papers 1810, National Bureau of Economic Research, Inc.
  5. Lee J. Alston & Randal R. Rucker & Marc D. Weidenmier, . "Did U.S. Agricultural Policy Lock Farmers into Wheat? The Capitalization of Farm Policies into Land Prices in the U.S and Canada," Claremont Colleges Working Papers 2000-27, Claremont Colleges.
  6. Hugh Rockoff, 2004. "Until it's Over, Over There: The U.S. Economy in World War I," NBER Working Papers 10580, National Bureau of Economic Research, Inc.
  7. Casey B. Mulligan, 2002. "A Century of Labor-Leisure Distortions," NBER Working Papers 8774, National Bureau of Economic Research, Inc.
  8. Ellen R. McGrattan & Lee E. Ohanian, 2008. "Does neoclassical theory account for the effects of big fiscal shocks? Evidence from World War II," Staff Report 315, Federal Reserve Bank of Minneapolis.
  9. Ramey, Valerie A. & Shapiro, Matthew D., 1998. "Costly capital reallocation and the effects of government spending," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 48(1), pages 145-194, June.
  10. Carola Frydman & Raven Molloy, 2011. "Pay Cuts for the Boss: Executive Compensation in the 1940s," NBER Working Papers 17303, National Bureau of Economic Research, Inc.
  11. J. Bradford De Long, 1996. "America's Only Peacetime Inflation: The 1970s," NBER Historical Working Papers 0084, National Bureau of Economic Research, Inc.
  12. Mark A. Wynne, 1995. "Sticky prices: what is the evidence?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q I, pages 1-12.
  13. Farley Grubb, 2004. "The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and How a Constitutional Transformation of the Nation's Monetary System Emerged," Working Papers 04-08, University of Delaware, Department of Economics.
  14. Casey B. Mulligan, 1997. "Pecuniary Incentives to Work in the U.S. during World War II," NBER Working Papers 6326, National Bureau of Economic Research, Inc.

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