Worldwide Inflation: Theory and Recent Experience

Published in 1981 by the Brookings Institution, Worldwide Inflation: Theory and Recent Experience serves as a comprehensive academic examination of the global economic volatility experienced during the 1970s. Edited by Lawrence B. Krause and Walter S. Salant, the volume originated from a series of research papers intended to analyze how individual national economies were impacted by international transmission mechanisms. It was produced during a period when policymakers were struggling to understand the limits of monetary policy in an increasingly interconnected global trade landscape.

The volume is structured to bridge the gap between theoretical economic models and empirical observations of the time. Krause and his contributors sought to synthesize diverse perspectives on inflation, focusing on the roles of exchange rates, commodity prices, and labor markets. The work was well-received by the academic community for its rigorous application of macroeconomic theory to contemporary history, establishing itself as a standard reference for scholars evaluating the systemic shocks that defined the post-Bretton Woods era.