New York Times

8 Pages Posted: 6 Feb 2014

Date Written: July 2013


This article discusses "inflationphobia" -- an irrational fear of inflation that has constrained monetary and fiscal policy since 2008, which has reduced economic growth and raised unemployment. It traces this phenomenon back to the Great Depression, when inflationphobes decried every increase in the money supply as inflationary even as the money supply shrank and deflation was clearly in evidence.

Keywords: John Maynard Keynes, Irving Fisher, Henry Hazlitt, Benjamin M. Anderson, Ben Bernanke

JEL Classification: B20, E12, E31, E42, N12

Suggested Citation

Bartlett, Bruce, Inflationphobia (July 2013). New York Times, Available at SSRN:

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