On price stability and welfare /:
"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 r...
Gespeichert in:
| 1. Verfasser: | |
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| Körperschaft: | |
| 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: | Volltext |
| Zusammenfassung: | "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 |
| Beschreibung: | 1 online resource |
| Bibliographie: | Includes bibliographical references (pages 31-35). |
| ISBN: | 1475541864 9781475541861 147550537X 9781475505375 1475513658 9781475513653 |
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| 100 | 1 | |a Yehoue, Etienne B., |e author. |0 http://id.loc.gov/authorities/names/no2005028997 | |
| 245 | 1 | 0 | |a On price stability and welfare / |c prepared by Etienne B. Yehoue. |
| 260 | |a [Place of publication not identified] : |b International Monetary Fund, |c 2012. | ||
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| 490 | 1 | |a IMF working paper ; |v WP/12/189 | |
| 504 | |a Includes bibliographical references (pages 31-35). | ||
| 520 | |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 | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Inflation and Growth; III. Inflation and Welfare: A General Equilibrium Approach; Tables; 1. Inflation Targets or Definitions of Price Stability in Selected Countries; A. The Opportunity Cost Channel; B.A Simple Model of Inflation and Welfare; 2. Summary of the Calibration Results; C. The Menu Cost Channel; D. Some Caveats; IV. Balancing Costs and Benefits; V. Concluding Remarks; Figures; 1. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K= (0.05). | |
| 505 | 8 | |a 2. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)3. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K= (0.3548); 4. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K = exp(0.3548); 5. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05); 6. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05). | |
| 505 | 8 | |a 7. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548)8. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); 9. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = (0.1686); 10. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = exp (0.1686); 11. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05). | |
| 505 | 8 | |a 12. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)13. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548); 14. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); References. | |
| 546 | |a English. | ||
| 650 | 0 | |a Inflation (Finance) |x Econometric models. | |
| 650 | 0 | |a Interest rates |x Econometric models. | |
| 650 | 0 | |a Welfare economics |x Econometric models. | |
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 6 | |a Inflation |x Modèles économétriques. | |
| 650 | 6 | |a Taux d'intérêt |x Modèles économétriques. | |
| 650 | 6 | |a Économie du bien-être |x Modèles économétriques. | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Inflation (Finance) |x Econometric models |2 fast | |
| 650 | 7 | |a Interest rates |x Econometric models |2 fast | |
| 650 | 7 | |a Monetary policy |x Econometric models |2 fast | |
| 650 | 7 | |a Welfare economics |x Econometric models |2 fast | |
| 710 | 2 | |a International Monetary Fund. |b Monetary and Capital Markets Department. |0 http://id.loc.gov/authorities/names/no2006113696 | |
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| adam_text | |
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| author | Yehoue, Etienne B. |
| author_GND | http://id.loc.gov/authorities/names/no2005028997 |
| author_corporate | International Monetary Fund. Monetary and Capital Markets Department |
| author_corporate_role | |
| author_facet | Yehoue, Etienne B. International Monetary Fund. Monetary and Capital Markets Department |
| author_role | aut |
| author_sort | Yehoue, Etienne B. |
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| building | Verbundindex |
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| callnumber-label | HG229 |
| callnumber-raw | HG229 HG229.5 |
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| contents | Cover; Contents; I. Introduction; II. Inflation and Growth; III. Inflation and Welfare: A General Equilibrium Approach; Tables; 1. Inflation Targets or Definitions of Price Stability in Selected Countries; A. The Opportunity Cost Channel; B.A Simple Model of Inflation and Welfare; 2. Summary of the Calibration Results; C. The Menu Cost Channel; D. Some Caveats; IV. Balancing Costs and Benefits; V. Concluding Remarks; Figures; 1. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K= (0.05). 2. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)3. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K= (0.3548); 4. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K = exp(0.3548); 5. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05); 6. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05). 7. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548)8. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); 9. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = (0.1686); 10. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = exp (0.1686); 11. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05). 12. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)13. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548); 14. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); References. |
| ctrlnum | (OCoLC)903698837 |
| 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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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. 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Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K= (0.3548); 4. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K = exp(0.3548); 5. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05); 6. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05).</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">7. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548)8. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); 9. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = (0.1686); 10. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = exp (0.1686); 11. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05).</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">12. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)13. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548); 14. 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| id | ZDB-4-EBA-ocn903698837 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:26:29Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2006113696 |
| isbn | 1475541864 9781475541861 147550537X 9781475505375 1475513658 9781475513653 |
| language | English |
| oclc_num | 903698837 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource |
| psigel | ZDB-4-EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Yehoue, Etienne B., author. http://id.loc.gov/authorities/names/no2005028997 On price stability and welfare / prepared by Etienne B. Yehoue. [Place of publication not identified] : International Monetary Fund, 2012. 1 online resource text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 text file rdaft 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 Cover; Contents; I. Introduction; II. Inflation and Growth; III. Inflation and Welfare: A General Equilibrium Approach; Tables; 1. Inflation Targets or Definitions of Price Stability in Selected Countries; A. The Opportunity Cost Channel; B.A Simple Model of Inflation and Welfare; 2. Summary of the Calibration Results; C. The Menu Cost Channel; D. Some Caveats; IV. Balancing Costs and Benefits; V. Concluding Remarks; Figures; 1. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K= (0.05). 2. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)3. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K= (0.3548); 4. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K = exp(0.3548); 5. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05); 6. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05). 7. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548)8. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); 9. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = (0.1686); 10. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = exp (0.1686); 11. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05). 12. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)13. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548); 14. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); References. English. Inflation (Finance) Econometric models. Interest rates Econometric models. Welfare economics Econometric models. Monetary policy Econometric models. Inflation Modèles économétriques. Taux d'intérêt Modèles économétriques. Économie du bien-être Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) Econometric models fast Interest rates Econometric models fast Monetary policy Econometric models fast Welfare economics Econometric models fast International Monetary Fund. Monetary and Capital Markets Department. http://id.loc.gov/authorities/names/no2006113696 1-4755-4186-4 1-4755-0537-X IMF working paper ; WP/12/189. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568177 Volltext |
| spellingShingle | Yehoue, Etienne B. On price stability and welfare / IMF working paper ; Cover; Contents; I. Introduction; II. Inflation and Growth; III. Inflation and Welfare: A General Equilibrium Approach; Tables; 1. Inflation Targets or Definitions of Price Stability in Selected Countries; A. The Opportunity Cost Channel; B.A Simple Model of Inflation and Welfare; 2. Summary of the Calibration Results; C. The Menu Cost Channel; D. Some Caveats; IV. Balancing Costs and Benefits; V. Concluding Remarks; Figures; 1. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K= (0.05). 2. Welfare Cost Function with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)3. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K= (0.3548); 4. Welfare Cost Function with Semi-Log Money Demand Function, Alpha = 7 and K = exp(0.3548); 5. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05); 6. Welfare Costs at Various Inflation Targets with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05). 7. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548)8. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); 9. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = (0.1686); 10. Welfare Costs at Various Inflation Targets with Semi-Log Money Demand Function, Alpha = 1.7944 and K = exp (0.1686); 11. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = (0.05). 12. Welfare Costs at Various Inflations with Log-Log Money Demand Function, Alpha = 0.5 and K = exp (0.05)13. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = (0.3548); 14. Welfare Costs at Various Inflations with Semi-Log Money Demand Function, Alpha = 7 and K = exp (0.3548); References. Inflation (Finance) Econometric models. Interest rates Econometric models. Welfare economics Econometric models. Monetary policy Econometric models. Inflation Modèles économétriques. Taux d'intérêt Modèles économétriques. Économie du bien-être Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) Econometric models fast Interest rates Econometric models fast Monetary policy Econometric models fast Welfare economics Econometric models fast |
| 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 | Inflation (Finance) Econometric models. Interest rates Econometric models. Welfare economics Econometric models. Monetary policy Econometric models. Inflation Modèles économétriques. Taux d'intérêt Modèles économétriques. Économie du bien-être Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Inflation (Finance) Econometric models fast Interest rates Econometric models fast Monetary policy Econometric models fast Welfare economics Econometric models fast |
| topic_facet | Inflation (Finance) Econometric models. Interest rates Econometric models. Welfare economics Econometric models. Monetary policy Econometric models. Inflation Modèles économétriques. Taux d'intérêt Modèles économétriques. Économie du bien-être Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Finance. Inflation (Finance) Econometric models Interest rates Econometric models Monetary policy Econometric models Welfare economics Econometric models |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568177 |
| work_keys_str_mv | AT yehoueetienneb onpricestabilityandwelfare AT internationalmonetaryfundmonetaryandcapitalmarketsdepartment onpricestabilityandwelfare |