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Causes of Long-Term Growth and Inflation
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for 515 Years
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Source: Federal Reserve Bank of St Louis, Economic Data—FRED II, http://research.stlouisfed.org/fred2/
(accessed October 10, 2006).
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1959–2006
Source: Federal Reserve Bank of St Louis, Economic Data—FRED II, http://research.stlouisfed.org/fred2/
(accessed October 10, 2006).
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Inflation
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Source: U.S Department of Labor, Bureau of Labor Statistics, Labor Force Statistics from the Current
Population Survey, Consumer Price Index, http://www.bls.gov/data/home.htm (accessed January 30, 2006).
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Source: U.S Department of Labor, Bureau of Labor Statistics, Labor Force Statistics from the Current
Population Survey, Consumer Price Index, http://www.bls.gov/data/home.htm (accessed October 14, 2006).
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Source: U.S Department of Labor, Bureau of Labor Statistics, Labor Force Statistics from the Current
Population Survey, Consumer Price Index, http://www.bls.gov/data/home.htm (accessed October 10, 2006).
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Long-Term (30%) Inflation?
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Inflation?
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Money Growth*
Source: IMF, International Financial Statistics Online, http://ifs.apdi.net/imf/about.asp (accessed June 6, 2006).
*The money supply figures in Exhibit A18-7 come from the IMF’s ‘‘Money’’ and ‘‘Quasi-money’’ statistics.
Money is defined as currency outside depository banks and demand deposits other than those of the central
government Quasi-money is defined as liabilities of financial institutions, comprising time, savings, and
foreign currency deposits of resident sectors other than central government.