Introduction Michael D. Bordo and Athanasios Orphanides Panel Session I: Pioneering Central Bankers Remember Practical Experiences in Reducing Inflation: The Case of New Zealand Don Brash Practical Experience in Reducing Inflation: The Case of Canada John Crow Discussion I. Early Explanations 1. The Great Inflation: Did the Shadow Know Better? William Poole, Robert H. Rasche, and David C. Wheelock Comment: Christina D. Romer Discussion 2. The Supply-Shock Explanation of the Great Stagflation Revisited Alan S.

Blinder and Jeremy B. Rudd Discussion II. New Monetary Policy Explanations 3. The Great Inflation Drift Marvin Goodfriend and Robert G. King Comment: Lars E. O. Svensson Discussion 4. Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation Andrew Levin and John B.

Taylor Comment: Bennett T. McCallum Discussion 5. Monetary Policy Mistakes and the Evolution of Inflation Expectations Athanasios Orphanides and John C. Williams Comment: Seppo Honkapohja Discussion III. Other Countries' Perspectives 6. Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods Andreas Beyer, Vitor Gaspar, Christina Gerberding, and Otmar Issing Comment: Benjamin M. Friedman Discussion 7. Great Inflation and Central Bank Independence in Japan Takatoshi Ito Comment: Frederic S.

Mishkin 8. The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes Riccardo DiCecio and Edward Nelson Comment: Matthew D. Shapiro Discussion IV. International Perspectives 9. Bretton Woods and the Great Inflation Michael D. Bordo and Barry Eichengreen Comment: Allan H. Meltzer Discussion Panel Session II: Lessons from History Lessons from History Donald L. Kohn The Great Inflation: Lessons for Central Bank Lucas Papademos Understanding Inflation: Lessons of the Past for the Future Harold James Discussion Contributors Author Index Subject Index.