Japan’s experience in the two oil crises was very different than that in the United States – and highly instructive. It demonstrates convincingly the relationship between money growth and inflation. In the U.S. case, there was a failure to control money growth ahead of both oil crises. Whereas, in the case of Japan, the authorities learned from their experience in the first episode. Ahead of the first crisis, Japan had allowed the money supply to grow unchecked, but when the second oil crisis occurred, Japan’s determination not to repeat its previous mistake paid off.
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