Monetary Policy at Price Stability: A Review of Some Issues
In this paper policy issues related to the operation of monetary policy in a low inflation environment are discussed. The successful reduction of inflation rates in a number of OECD countries in recent years arguably represents a regime shift that is likely to affect the operation of monetary policy...
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| Main Author: | |
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| Other Authors: | , , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
1995
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | In this paper policy issues related to the operation of monetary policy in a low inflation environment are discussed. The successful reduction of inflation rates in a number of OECD countries in recent years arguably represents a regime shift that is likely to affect the operation of monetary policy. Some of the practical issues involved are the potential existence of a trade-off between inflation variability and output variability, asymmetries in the short-run Phillips curve, the interaction between monetary and fiscal policies, the effectiveness of monetary policy instruments, the appropriate specification of the price stability objective, as well as the credibility of monetary policy in a near price-stability environment. The results indicate that under many circumstances none of these issues should cause major difficulties at price stability. Furthermore, the analysis tends to strengthen the argument for maintaining relatively tight control over inflation. Sound fiscal policies ... |
| Physical Description: | 1 Online-Ressource (30 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/251241682348 |
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| spelling | Edey, Malcolm Verfasser aut Monetary Policy at Price Stability A Review of Some Issues Malcolm Edey ... [et al] = Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix / Malcolm Edey ... [et al] Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix Paris OECD Publishing 1995 1 Online-Ressource (30 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers In this paper policy issues related to the operation of monetary policy in a low inflation environment are discussed. The successful reduction of inflation rates in a number of OECD countries in recent years arguably represents a regime shift that is likely to affect the operation of monetary policy. Some of the practical issues involved are the potential existence of a trade-off between inflation variability and output variability, asymmetries in the short-run Phillips curve, the interaction between monetary and fiscal policies, the effectiveness of monetary policy instruments, the appropriate specification of the price stability objective, as well as the credibility of monetary policy in a near price-stability environment. The results indicate that under many circumstances none of these issues should cause major difficulties at price stability. Furthermore, the analysis tends to strengthen the argument for maintaining relatively tight control over inflation. Sound fiscal policies ... Economics Funke, Norbert ctb Kennedy, Mike ctb Palerm, Angel ctb https://doi.org/10.1787/251241682348 Verlag kostenfrei Volltext |
| spellingShingle | Edey, Malcolm Monetary Policy at Price Stability A Review of Some Issues Economics |
| title | Monetary Policy at Price Stability A Review of Some Issues |
| title_alt | Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix |
| title_auth | Monetary Policy at Price Stability A Review of Some Issues |
| title_exact_search | Monetary Policy at Price Stability A Review of Some Issues |
| title_exact_search_txtP | Monetary Policy at Price Stability A Review of Some Issues |
| title_full | Monetary Policy at Price Stability A Review of Some Issues Malcolm Edey ... [et al] = Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix / Malcolm Edey ... [et al] |
| title_fullStr | Monetary Policy at Price Stability A Review of Some Issues Malcolm Edey ... [et al] = Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix / Malcolm Edey ... [et al] |
| title_full_unstemmed | Monetary Policy at Price Stability A Review of Some Issues Malcolm Edey ... [et al] = Problèmes relatifs à la conduite de la politique monétaire dans un environnement de stabilité des prix / Malcolm Edey ... [et al] |
| title_short | Monetary Policy at Price Stability |
| title_sort | monetary policy at price stability a review of some issues |
| title_sub | A Review of Some Issues |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/251241682348 |
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