Monetary Policy when Inflation is Low:
This paper examines several key issues concerning the implications for monetary policy of the achievement of low inflation in OECD countries during the 1990s. In particular, the analysis considers whether there have been improvements in monetary policy transmission mechanisms that lower inflation vu...
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| Main Author: | |
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| Other Authors: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
1998
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper examines several key issues concerning the implications for monetary policy of the achievement of low inflation in OECD countries during the 1990s. In particular, the analysis considers whether there have been improvements in monetary policy transmission mechanisms that lower inflation vulnerabilities, or make it easier to reduce inflation pressures when they arise; and the further benefits and costs likely to be involved in lowering inflation to zero, or in attempting to maintain a stable price level. The analysis supports three main observations. First, there have been significant changes, particularly in inflation expectations and in monetary policy frameworks, that should help in containing inflation and lowering the costs of doing so. However, except in the United States and the United Kingdom, there is little evidence yet of fundamental changes in wage and price behaviour underlying the flexibility of labour and product markets; although it is possible that this ... |
| Physical Description: | 1 Online-Ressource (50 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/712566642766 |
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| spelling | Pigott, Charles Verfasser aut Monetary Policy when Inflation is Low Charles Pigott and Hans Christiansen Paris OECD Publishing 1998 1 Online-Ressource (50 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper examines several key issues concerning the implications for monetary policy of the achievement of low inflation in OECD countries during the 1990s. In particular, the analysis considers whether there have been improvements in monetary policy transmission mechanisms that lower inflation vulnerabilities, or make it easier to reduce inflation pressures when they arise; and the further benefits and costs likely to be involved in lowering inflation to zero, or in attempting to maintain a stable price level. The analysis supports three main observations. First, there have been significant changes, particularly in inflation expectations and in monetary policy frameworks, that should help in containing inflation and lowering the costs of doing so. However, except in the United States and the United Kingdom, there is little evidence yet of fundamental changes in wage and price behaviour underlying the flexibility of labour and product markets; although it is possible that this ... Economics Christiansen, Hans ctb https://doi.org/10.1787/712566642766 Verlag kostenfrei Volltext |
| spellingShingle | Pigott, Charles Monetary Policy when Inflation is Low Economics |
| title | Monetary Policy when Inflation is Low |
| title_auth | Monetary Policy when Inflation is Low |
| title_exact_search | Monetary Policy when Inflation is Low |
| title_exact_search_txtP | Monetary Policy when Inflation is Low |
| title_full | Monetary Policy when Inflation is Low Charles Pigott and Hans Christiansen |
| title_fullStr | Monetary Policy when Inflation is Low Charles Pigott and Hans Christiansen |
| title_full_unstemmed | Monetary Policy when Inflation is Low Charles Pigott and Hans Christiansen |
| title_short | Monetary Policy when Inflation is Low |
| title_sort | monetary policy when inflation is low |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/712566642766 |
| work_keys_str_mv | AT pigottcharles monetarypolicywheninflationislow AT christiansenhans monetarypolicywheninflationislow |