The Costs and Benefits of Price Stability - (NBER) National Bureau of Economic Research Conference Reports (Hardback)
  • The Costs and Benefits of Price Stability - (NBER) National Bureau of Economic Research Conference Reports (Hardback)
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The Costs and Benefits of Price Stability - (NBER) National Bureau of Economic Research Conference Reports (Hardback)

(editor)
£76.00
Hardback 370 Pages
Published: 01/06/1999
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In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this benign economic environment: should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. This volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain and the United Kingdom. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.

Publisher: The University of Chicago Press
ISBN: 9780226240992
Number of pages: 370
Weight: 709 g
Dimensions: 24 x 16 x 3 mm

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