Reducing inflation : motivation and strategy

edited by Christina D. Romer and David H. Romer

While there is ample evidence that high inflation is harmful, little is known about how best to reduce it. In this volume, the contributors discuss the consequences of inflation, consider the obstacles facing central bankers in achieving low inflation, and examine how institutions can promote it. The first section of the book discusses the consequences of inflation, analyzing the impact of inflation on the tax system, labour market flexibility, equilibrium unemployment, and the public's sense of well-being. In the second part, the obstacles facing central bankers in achieving low inflation is considered. The text studies the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The third section of the book considers how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the USA, Germany and other countries.

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  • Acknowledgments Introduction Christina D. Romer, David H. Romer. 1: Why Do People Dislike Inflation? Robert J. Shiller Comment: N. Gregory Mankiw 2: Does Inflation "Grease the Wheels of the Labor Market"? David Card, Dean Hyslop. Comment: John Shea 3: The Costs and Benefits of Going from Low Inflation to Price Stability Martin Feldstein Comment: Andrew B. Abel 4: Disinflation and the NAIRU Laurence Ball Comment: Olivier J. Blanchard 5: How Precise Are Estimates of the Natural Rate of Unemployment? Douglas Staiger, James H. Stock, Mark W. Watson. Comment: Alan B. Krueger 6: America's Peacetime Inflation: The 1970s J. Bradford De Long Comment: John B. Taylor 7: Do "Shortages" Cause Inflation? Owen Lamont Comment: Matthew D. Shapiro 8: Institutions for Monetary Stability Christina D. Romer, David H. Romer. Comment: Benjamin M. Friedman 9: Why Does Inflation Differ across Countries? Marta Campillo, Jeffrey A. Miron. Comment: Maurice Obstfeld 10: How the Bundesbank Conducts Monetary Policy Richard Clarida, Mark Gertler. Comment: Rudiger Dornbusch Contributors Author Index Subject Index

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書名 Reducing inflation : motivation and strategy
著作者等 Romer, Christina
Romer, David
Romer David H.
Romer Christina D.
シリーズ名 Studies in business cycles
出版元 University of Chicago Press
刊行年月 1997
版表示 2
ページ数 ix, 421 p.
大きさ 24 cm
ISBN 0226724840
NCID BA30472691
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言語 英語
出版国 アメリカ合衆国