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Is price stability enough?
White, William R. (Author)

URLURL - Presentation file, Visit http://www.bis.org/publ/work205.pdf This link opens in a new window

Abstract
No one in the industrial countries should now question the substantial economic benefits associated with reducing inflation from earlier, high levels. At the same time, history also teaches that the stability of consumer prices might not be sufficient to ensure macroeconomic stability. Past experience is replete with examples of major economic and financial crises that were not preceded by inflationary pressures. Conversely, history shows that many periods of deflation, based on rising productivity, were simultaneously characterised by rapid growth. Recent structural changes in the global economy imply that this history might have more contemporaneous relevance than is commonly thought. If so, the implication is that policies directed to the pursuit of price stability might have to be applied more flexibly and with a longer-run focus than has recently been the case.

Language:English
Keywords:ekonomska politika, monetarna politika, makroekonomija, stabilnost sistemov, cena, inflacija, stroški, economic policy, monetary policy, macroeconomics, stability of systems, price, inflation, costs
Work type:Not categorized (r6)
Organization:EF - Faculty of Economics
Year:2006
Publisher:Bank for International Settlements, Monetary and Economic Dept.
Number of pages:III, 18 str.
Place:Basel (Switzerland)
UDC:338.2
COBISS.SI-ID:17674214 Link is opened in a new window
Views:501
Downloads:207
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