The Maastricht Inflation Criterion : How Unpleasant Is Purgatory? / Aleš Bulíř, Jaromír Hurník.

Format:

Book

Government document

Author/Creator:

Buliř, Aleš.

Contributor:

Hurník, Jaromír.

IMF Institute.

International Monetary Fund.

Series:

IMF Working Papers; Working Paper ; No. 2006/154

IMF Working Papers

Language:

English

Subjects (All):

Deflation (Finance)--European Union countries.

Deflation (Finance).

Inflation (Finance)--European Union countries.

Inflation (Finance).

European Union countries--Economic conditions.

European Union countries.

European Union countries--Economic policy.

Physical Description:

1 online resource (43 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2006.

Language Note:

English

Summary:

The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.

Contents:

""Contents""; ""I. INTRODUCTION""; ""II. INFLATION IN THE EUROPEAN UNION""; ""III. HOW COSTLY CAN DISINFLATION BE AND WHY?""; ""IV. POLICY IMPLICATIONS""; ""V. CONCLUSIONS""; ""References""

Notes:

"June 2006."

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613829146

9781462366958

1462366953

9781452708775

1452708770

9781283516693

1283516691

9781451909203

1451909209

OCLC:

694141167