On price stability and welfare:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Place of publication not identified]
International Monetary Fund
2012
|
| Schriftenreihe: | IMF working paper
WP/12/189 |
| Schlagworte: | |
| Online-Zugang: | FAW01 FAW02 FLA01 |
| Beschreibung: | Includes bibliographical references (pages 31-35) "The financial crisis in the advanced countries that began in 2007 has led central bankers to adopt unconventional policy measures as policy interest rates neared the zero bound. One suggestion (Blanchard, Dell'Ariccia, and Mauro, 2010) has been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a different issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key conclusion is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver above the zero lower bound for nominal policy rates is taken into account. Based on parameter values that fit U.S. data, the additional welfare costs of raising inflation targets from 2 to 4 percent are estimated at about 0.3 percent of annual real income. A rise to 10 percent would yield additional welfare costs of about 1 percent of real income. Other parameter values yield welfare costs as high as 7 (respectively 30) percent of real income for raising inflation targets from 2 to 4 (respectively from 2 to 10) percent. The full costs of raising inflation targets are likely to be higher because the model used to generate these estimates does not account for higher inflation-induced volatility"--Page [1] |
| ISBN: | 1475541864 9781475541861 |
Internformat
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| 100 | 1 | |a Yehoue, Etienne B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a On price stability and welfare |c prepared by Etienne B. Yehoue |
| 264 | 1 | |a [Place of publication not identified] |b International Monetary Fund |c 2012 | |
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a IMF working paper |v WP/12/189 | |
| 500 | |a Includes bibliographical references (pages 31-35) | ||
| 500 | |a "The financial crisis in the advanced countries that began in 2007 has led central bankers to adopt unconventional policy measures as policy interest rates neared the zero bound. One suggestion (Blanchard, Dell'Ariccia, and Mauro, 2010) has been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a different issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key conclusion is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver above the zero lower bound for nominal policy rates is taken into account. Based on parameter values that fit U.S. data, the additional welfare costs of raising inflation targets from 2 to 4 percent are estimated at about 0.3 percent of annual real income. A rise to 10 percent would yield additional welfare costs of about 1 percent of real income. Other parameter values yield welfare costs as high as 7 (respectively 30) percent of real income for raising inflation targets from 2 to 4 (respectively from 2 to 10) percent. The full costs of raising inflation targets are likely to be higher because the model used to generate these estimates does not account for higher inflation-induced volatility"--Page [1] | ||
| 650 | 7 | |a BUSINESS & ECONOMICS / Finance |2 bisacsh | |
| 650 | 7 | |a Inflation (Finance) / Econometric models |2 fast | |
| 650 | 7 | |a Interest rates / Econometric models |2 fast | |
| 650 | 7 | |a Monetary policy / Econometric models |2 fast | |
| 650 | 7 | |a Welfare economics / Econometric models |2 fast | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Inflation (Finance) |x Econometric models | |
| 650 | 4 | |a Interest rates |x Econometric models | |
| 650 | 4 | |a Welfare economics |x Econometric models | |
| 650 | 4 | |a Monetary policy |x Econometric models | |
| 710 | 2 | |a International Monetary FundXXbMonetary and Capital Markets Department |e Sonstige |4 oth | |
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Datensatz im Suchindex
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| any_adam_object | |
| author | Yehoue, Etienne B. |
| author_facet | Yehoue, Etienne B. |
| author_role | aut |
| author_sort | Yehoue, Etienne B. |
| author_variant | e b y eb eby |
| building | Verbundindex |
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| dewey-full | 332.41 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.41 |
| dewey-search | 332.41 |
| dewey-sort | 3332.41 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| id | DE-604.BV043787490 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:35:08Z |
| institution | BVB |
| isbn | 1475541864 9781475541861 |
| language | English |
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| spelling | Yehoue, Etienne B. Verfasser aut On price stability and welfare prepared by Etienne B. Yehoue [Place of publication not identified] International Monetary Fund 2012 txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/189 Includes bibliographical references (pages 31-35) "The financial crisis in the advanced countries that began in 2007 has led central bankers to adopt unconventional policy measures as policy interest rates neared the zero bound. One suggestion (Blanchard, Dell'Ariccia, and Mauro, 2010) has been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a different issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key conclusion is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver above the zero lower bound for nominal policy rates is taken into account. Based on parameter values that fit U.S. data, the additional welfare costs of raising inflation targets from 2 to 4 percent are estimated at about 0.3 percent of annual real income. A rise to 10 percent would yield additional welfare costs of about 1 percent of real income. Other parameter values yield welfare costs as high as 7 (respectively 30) percent of real income for raising inflation targets from 2 to 4 (respectively from 2 to 10) percent. The full costs of raising inflation targets are likely to be higher because the model used to generate these estimates does not account for higher inflation-induced volatility"--Page [1] BUSINESS & ECONOMICS / Finance bisacsh Inflation (Finance) / Econometric models fast Interest rates / Econometric models fast Monetary policy / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Inflation (Finance) Econometric models Interest rates Econometric models Welfare economics Econometric models Monetary policy Econometric models International Monetary FundXXbMonetary and Capital Markets Department Sonstige oth |
| spellingShingle | Yehoue, Etienne B. On price stability and welfare BUSINESS & ECONOMICS / Finance bisacsh Inflation (Finance) / Econometric models fast Interest rates / Econometric models fast Monetary policy / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Inflation (Finance) Econometric models Interest rates Econometric models Welfare economics Econometric models Monetary policy Econometric models |
| title | On price stability and welfare |
| title_auth | On price stability and welfare |
| title_exact_search | On price stability and welfare |
| title_full | On price stability and welfare prepared by Etienne B. Yehoue |
| title_fullStr | On price stability and welfare prepared by Etienne B. Yehoue |
| title_full_unstemmed | On price stability and welfare prepared by Etienne B. Yehoue |
| title_short | On price stability and welfare |
| title_sort | on price stability and welfare |
| topic | BUSINESS & ECONOMICS / Finance bisacsh Inflation (Finance) / Econometric models fast Interest rates / Econometric models fast Monetary policy / Econometric models fast Welfare economics / Econometric models fast Wirtschaft Ökonometrisches Modell Inflation (Finance) Econometric models Interest rates Econometric models Welfare economics Econometric models Monetary policy Econometric models |
| topic_facet | BUSINESS & ECONOMICS / Finance Inflation (Finance) / Econometric models Interest rates / Econometric models Monetary policy / Econometric models Welfare economics / Econometric models Wirtschaft Ökonometrisches Modell Inflation (Finance) Econometric models Interest rates Econometric models Welfare economics Econometric models Monetary policy Econometric models |
| work_keys_str_mv | AT yehoueetienneb onpricestabilityandwelfare AT internationalmonetaryfundxxbmonetaryandcapitalmarketsdepartment onpricestabilityandwelfare |