Introduction / Michael D. Bordo and Athanasios Orphanides -- Practical experiences in reducing inflation : the case of New Zealand / Don Brash -- Practical experiences in reducing inflation : the case of Canada / John Crow -- The great inflation : did the shadow know better? / WIlliam Poole, Robert H. Rasche, and David C. Wheelock -- Comment / Christina D. Romer -- The supply-shock explanation of the great stagflation revisited / Alan S. Blinder and Jeremy B. Rudd -- The great inflation drift / Marvin Goodfriend and Robert G. King -- Comment / Lars E.O. Svensson -- Falling behind the curve : a positive analysis of stop-start monetary policies and the great inflation / Andrew Levin and John B. Taylor -- Comment / Bennett T. McCallum -- Monetary policy mistakes and the evolution of inflation expectations / Athanasios Orphanides and John C. Williams -- Comment / Seppo Honkapohja -- Opting out of the great inflation : German monetary policy after the breakdown of Bretton Woods / Andreas Beyer, Vitor Gaspar, Christina Gerberding, and Otmar Issing -- Comment / Benjamin M. Friedman -- Great inflation and central bank independence / Takatoshi Ito -- Comment / Frederic S. Mishkin -- The great inflation in the United States and the United Kingdom : reconciling policy decisions and data outcomes / Riccardo DiCecio and Edward Nelson -- Comment / Matthew D. Shapiro -- Bretton Woods and the great inflation / Michael D. Bordo and Berry Eichengreen -- Comment / Allan H. Meltzer -- Lessons from history / Donald L. Kohn -- The great inflation : lessons for central banks / Lucas Papademos -- Understanding inflation : lessons of the past for the future / Harold James.