Great Inflation
E8741
The Great Inflation was a prolonged period of unusually high and volatile inflation in the United States during the late 1960s through the early 1980s, driven by expansionary policies and supply shocks, that fundamentally reshaped modern monetary policy.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Great Inflation canonical | 2 |
| Great American Inflation | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T99734 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Great Inflation Context triple: [Volcker shock, precededBy, Great Inflation]
-
A.
Wirtschaftswunder
Wirtschaftswunder refers to the rapid economic recovery and sustained growth of West Germany after World War II, transforming it into one of the world’s leading industrial economies.
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B.
Great Depression
The Great Depression was a severe worldwide economic downturn during the 1930s that led to massive unemployment, bank failures, and profound social and political change.
-
C.
Panic of 1873
The Panic of 1873 was a severe global financial crisis that triggered a prolonged economic depression in the United States and Europe, marking a major turning point in the early Gilded Age.
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D.
Bretton Woods system
The Bretton Woods system was a post–World War II international monetary order in which major currencies were pegged to the U.S. dollar, and the dollar was convertible to gold, creating a fixed exchange rate regime that lasted until the early 1970s.
-
E.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Great Inflation Target entity description: The Great Inflation was a prolonged period of unusually high and volatile inflation in the United States during the late 1960s through the early 1980s, driven by expansionary policies and supply shocks, that fundamentally reshaped modern monetary policy.
-
A.
Wirtschaftswunder
Wirtschaftswunder refers to the rapid economic recovery and sustained growth of West Germany after World War II, transforming it into one of the world’s leading industrial economies.
-
B.
Great Depression
The Great Depression was a severe worldwide economic downturn during the 1930s that led to massive unemployment, bank failures, and profound social and political change.
-
C.
Panic of 1873
The Panic of 1873 was a severe global financial crisis that triggered a prolonged economic depression in the United States and Europe, marking a major turning point in the early Gilded Age.
-
D.
Bretton Woods system
The Bretton Woods system was a post–World War II international monetary order in which major currencies were pegged to the U.S. dollar, and the dollar was convertible to gold, creating a fixed exchange rate regime that lasted until the early 1970s.
-
E.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
economic period
ⓘ
historical inflation episode ⓘ macroeconomic event ⓘ |
| alsoKnownAs |
Great Inflation
ⓘ
surface form:
Great American Inflation
|
| cause |
1973 oil crisis
ⓘ
1979 energy crisis ⓘ Great Society programs spending ⓘ Nixon shock ⓘ Vietnam War spending ⓘ accommodative monetary policy ⓘ breakdown of Bretton Woods system ⓘ cost-push inflation ⓘ demand-pull inflation ⓘ expansionary fiscal policy ⓘ expansionary monetary policy ⓘ oil price shocks ⓘ supply shocks ⓘ wage-price spirals ⓘ |
| characteristic |
high inflation
ⓘ
stagflation ⓘ volatile inflation ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| endTime | early 1980s ⓘ |
| field |
macroeconomics
ⓘ
monetary economics ⓘ |
| followedBy | Great Moderation ⓘ |
| influencedBy |
Keynesian economic policies
ⓘ
Phillips curve framework ⓘ accommodation of supply shocks by monetary policy ⓘ fiscal deficits ⓘ political pressure for low unemployment ⓘ |
| location | United States economy ⓘ |
| mainImpact |
adoption of Volcker disinflation policies
ⓘ
adoption of Volcker rule of tight money to fight inflation ⓘ changes in monetary policy framework ⓘ changes in wage bargaining institutions ⓘ development of modern central bank independence norms ⓘ erosion of real wages ⓘ greater emphasis on inflation control ⓘ greater focus on expectations in macroeconomics ⓘ higher nominal interest rates ⓘ increased macroeconomic volatility ⓘ increased use of indexation in contracts ⓘ loss of credibility for the Federal Reserve ⓘ rise in inflation expectations ⓘ rise in unemployment during disinflation ⓘ shift toward monetarist ideas ⓘ |
| precededBy | postwar economic boom in the United States ⓘ |
| startTime | late 1960s ⓘ |
| timePeriod | 20th century ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Great Inflation Description of subject: The Great Inflation was a prolonged period of unusually high and volatile inflation in the United States during the late 1960s through the early 1980s, driven by expansionary policies and supply shocks, that fundamentally reshaped modern monetary policy.
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Volcker shock
this entity surface form:
Great American Inflation