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Towards a Politico-Economic Analysis of Inflation
Credit and Capital Markets – Kredit und Kapital, Vol. 13 (1980), Iss. 2 : pp. 215–238
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Zis, George
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Abstract
Towards a Politico-Economic Analysis of Inflation
Increasing acceptance of the proposition that “money matters” and, therefore, that control of the money supply growth rate is necessary, though not necessarily sufficient for the control of the rate of inflation has been accompanied by a growing interest in the determinants of countries’ monetary policies. This paper surveys a number of studies which have sought to analyse the determinants of inflation in broad politico-economic terms. It is observed that these studies treat inflation as an essentially national phenomenon. Therefore, they cannot provide an adequate foundation for an explanation of the convergence, and divergence since 1973, of the major countries’ inflation rates. An attempt is made to modify Gordon’s study to apply for an open economy. It is argued that a politico-economic theory of inflation should explain why countries adopted the international monetary arrangements which have prevailed since 1945 and that fixity of exchange rates combined with the use of an international asset, such as the S.D.R. or E.C.U., would facilitate success in governments’ efforts to stabilize or reduce the rate of inflation.