Reducing inflation : motivation and strategy / edited by Christina D. Romer and David H. Romer.

Format:

Book

Contributor:

Romer, Christina.

Romer, David.

National Bureau of Economic Research.

Series:

Studies in business cycles ; no. 30.

Studies in business cycles ; v. 30

Language:

English

Subjects (All):

Inflation (Finance)--Congresses.

Inflation (Finance).

Monetary policy--Congresses.

Monetary policy.

Physical Description:

1 online resource (434 p.)

Edition:

1st ed.

Place of Publication:

Chicago : University of Chicago Press, 1997.

Language Note:

English

Summary:

While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970's, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.

Contents:

Front matter

National Bureau of Economic Research

Relation of the Directors to the Work and Publications of the National Bureau of Economic Research

Contents

Acknowledgments

Introduction

1. Why Do People Dislike Inflation?

2. Does Inflation "Grease the Wheels of the Labor Market"?

3. The Costs and Benefits of Going from Low Inflation to Price Stability

4. Disinflation and the NAIRU

5. How Precise Are Estimates of the Natural Rate of Unemployment?

6. America's Peacetime Inflation: The 1970's

7. Do "Shortages" Cause Inflation?

8. Institutions for Monetary Stability

9. Why Does Inflation Differ across Countries?

10. How the Bundesbank Conducts Monetary Policy

Contributors

Author Index

Subject Index

Notes:

"This volume grew out of a National Bureau of Economic Research conference on monetary policy and low inflation held in Islamorada, Florida, in January 1996"--P. ix.

Includes bibliographical references and indexes.

ISBN:

9786611223953

9781281223951

1281223956

9780226724836

0226724832

OCLC:

212810009