"Macroeconomists cannot run controlled experiments, but they can do a much better job of identifying and elucidating the extraordinary range of experiments that central banks have delivered. The Great Inflation is a terrific example."

EH.net

“Regardless of one’s views, this volume is essential reading for academics and policymakers and its resonance for the problems that central banks and the fiscal authorities face today is very real.”

Journal of Economic History

“A common theme in the book is the critical role that political and economic institutions can play in shaping a country’s inflation experience. The general view is that central banks have been less independent than commonly perceived and that political support for price stability is essential. . . . The thoughtful discussions of the various institutional arrangements and the uneven progress in some countries toward central bank independence are particularly interesting and perhaps the most compelling aspect of the book.”

Eastern Economic Journal