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Introduction

In: Floating Exchange Rates and World Inflation

Author

Listed:
  • Jaleel Ahmad

    (Concordia University)

Abstract

One of the most familiar and distressing phenomena of our times is the rapid and continuous increase in the rate of inflation in all major industrial countries. The average inflation rate in the seven largest industrial countries has risen from 5.3 per cent in 1970 to 12.2 per cent in 1980. Figure 1.1 provides an indication of the continuous rise in world prices since 1970. During the same period, the dispersion of national inflation rates also increased significantly; the standard deviation around the mean rate of inflation increased from 1.5 per cent in 1970 to 4.7 per cent in 1980. In addition, the high rates of inflation in nearly all countries are accompanied by a marked acceleration of the inflationary process, as measured by the narrowing of the lag between increases in monetary aggregates or the appearance of external shocks and the increase in the price level.

Suggested Citation

  • Jaleel Ahmad, 1984. "Introduction," Palgrave Macmillan Books, in: Floating Exchange Rates and World Inflation, chapter 1, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17474-4_1
    DOI: 10.1007/978-1-349-17474-4_1
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