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Chapter 9: Q 17. (page 243)

Over the last century, during what periods were the

U.S. inflation rate highest and lowest?

Short Answer

Expert verified

There is more than one instance when this happens.

Step by step solution

01

Step 1. Definition

Inflation is the rate at which prices increase over a period of time. Inflation is a broad measure, such as the increase in prices or the increase in the cost of living in a country.

02

Step 2.

In 1970 inflation in the US was at its highest level. This is because of various reasons like central bank policy, Keynesian economic policy, the abandonment of the gold window, etc. all contributed to this.

And in 1930 inflation in the US was at its lowest. This is because of the reasons like because of feds policies and at that time most banks were unregulated and uninsured.

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Most popular questions from this chapter

Why does the 鈥渜uality/new goods bias鈥� arise if we

calculate the inflation rate based on a fixed basket of goods?

Why do you think the U.S. experience with inflation over the last 50years has been so much milder than in many other countries?

Name several forms of indexing in the private and

public sector.

The Consumer Price Index is subject to the substitution bias and the quality/new goods bias. Are the Producer Price Index and the GDP Deflator also subject to these biases? Why or why not?

What is indexing?
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