Monday, February 11, 2013

Consumer price index, United States since 1775

Federal Reserve was created in 1913 and since then the price level has exploded in the United States.

Shifting Mandates: The Federal Reserve’s First Centennial
Carmen M. Reinhart and Kenneth S. Rogoff

For presentation at the American Economic Association Meetings, San Diego,
January 5, 2013

Session: Reflections on the 100th Anniversary of the Federal Reserve

Click on the above image to get a larger picture.

One hundred years after its creation, consumer prices are about 30 times higher than they were in 1913. Most other countries have repeated this pattern.

Read the entire paper in PDF form here.

Geir Solem
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