An accessible and authoritative overview of the role of inflation in the modern economy, from its place in monetary policy and in money supply to its effects on everyday business.

Max Gillman is Hayek Professor of Economic History at the University of Missouri-St Louis. His books include Advanced Modern Macroeconomics (2011) and Inflation Theory in Economics (2009). He has also edited Collected Papers on Monetary Theory by Robert E. Lucas, Jr. (2011).