Fiscal and Monetary Policies in Moderate Inflation: Case Studies of Three Countries

Academic and popular discussions of inflation have increasingly emphasized institutional arrangements and social conventions. Terms like "wage drift," "cost push," "monopoly pricing," and "relative shares" appear frequently and often dominate discussions of inflation. Policies to prevent inflation, increasingly, look to control of individual price changes, particularly money wages and the money prices of products produced by large corporations, as a means of preventing a rise in the general price level.