This volume contains articles on the subject of inflation, most of which originally appeared in the Federal Reserve Bank of Richmond's Economic Review. Collectively the articles summarize the major issues current in contemporary discussions of the inflation problem. Topics covered include theories of inflation, reasons for its persistence, models of the inflationary transmission mechanism, the relationship between inflation and unemployment, the formulation of inflationary expectations, inflation and the demand for money, interest rates and inflation, international aspects of inflation under fixed and floating exchange rates, and the feasibility of alternative anti-inflationary policies. These topics are examined from the perspective of the history of economic doctrines as well as from that of modern economic analysis. The purpose is to indicate the basic similarities in classical and current analyses of inflation and to demonstrate that virtually all of the ideas, arguments, and...

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