“The estimated fraction of total inflation attributable to oil price increases had a median value of only 15% for 1973-74, or 9% over the longer period of 1973-76 ....We conclude that American inflation caused by the Federal Reserve System as an exogenous source of world inflationary trends. Because of the unwillingness of their central banks to appreciate or float their currencies until in extremis, the nonreserve countries too caught the American disease. …”
The International Transmission of Inflation
By Michael R. Darby, James R. Lothian
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