Moderate Inflation in Poland: A Real Story
Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price ind...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1996
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Schriftenreihe: | IMF Working Papers
Working Paper No. 96/57 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to relative prices is magnified. Third, lagging structural reform, including the failure to extend hard budget constraints to all sectors of the economy, makes monetary policy less effective. Reduced money supply growth with structural reform offers the best prospect for moving to low inflation |
Beschreibung: | 1 Online-Ressource (44 p) |
ISBN: | 1451967438 9781451967432 |
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spelling | Pujol, Thierry Verfasser aut Moderate Inflation in Poland A Real Story Pujol, Thierry Washington, D.C International Monetary Fund 1996 1 Online-Ressource (44 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 96/57 Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to relative prices is magnified. Third, lagging structural reform, including the failure to extend hard budget constraints to all sectors of the economy, makes monetary policy less effective. Reduced money supply growth with structural reform offers the best prospect for moving to low inflation Online-Ausg Griffiths, Mark E. L. Sonstige oth http://elibrary.imf.org/view/IMF001/04652-9781451967432/04652-9781451967432/04652-9781451967432.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Pujol, Thierry Moderate Inflation in Poland A Real Story |
title | Moderate Inflation in Poland A Real Story |
title_auth | Moderate Inflation in Poland A Real Story |
title_exact_search | Moderate Inflation in Poland A Real Story |
title_exact_search_txtP | Moderate Inflation in Poland A Real Story |
title_full | Moderate Inflation in Poland A Real Story Pujol, Thierry |
title_fullStr | Moderate Inflation in Poland A Real Story Pujol, Thierry |
title_full_unstemmed | Moderate Inflation in Poland A Real Story Pujol, Thierry |
title_short | Moderate Inflation in Poland |
title_sort | moderate inflation in poland a real story |
title_sub | A Real Story |
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