What Caused the Great Inflation?

Recently, we've had quite a bit of discussion about the types of models and policies used by monetary and fiscal authorities during the 1960s and 1970s (see the bottom of this post for links to the entire discussion), and the debate that follows between Allan Meltzer and Christina Romer on the causes of the Great Inflation of the 1960s and 1970s discusses these issues in some detail (e.g., see Table 1 for a brief summary of the policy frameworks used in various eras)...more>>>