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|Material Type:||Internet resource|
|Document Type:||Book, Internet Resource|
|All Authors / Contributors:||
Christina Romer; David Romer
|Description:||ix, 421 pages : illustrations ; 24 cm.|
|Contents:||Why do people dislike inflation? / Robert J. Shiller --
Does inflation "grease the wheels of the labor market"? / David Card and Dean Hyslop --
Costs and benefits of going from low inflation to price stability / Martin Feldstein --
Disinflation and the NAIRU / Laurence Ball --
How precise are estimates of the natural rate of unemployment? / Douglas Staiger, James H. Stock, and Mark W. Watson --
America's peacetime inflation : the 1970s / J. Bradford De Long --
Do "shortages" cause inflation? / Owen Lamont --
Institutions for monetary stability / Christina D. Romer and David H. Romer --
Why does inflation differ across countries? / Marta Campillo and Jeffrey A. Miron --
How the Bundesbank conducts monetary policy / Richard Clarida and Mark Gertler.
|Series Title:||Studies in business cycles, no. 30.|
|Responsibility:||edited by Christina D. Romer and David H. Romer.|
Section II moves beyond the goals of policy to consider the obstacles facing central bankers. One essay investigates the accuracy and precision of statistical estimates of the natural rate of unemployment, which is a frequently used indicator in the formulation of monetary policy. Another essay considers possible explanations for what went wrong in the 1970s, the only peacetime period in modern U.S. history when prices rose by a substantial amount for a sustained period. A third essay argues that bottlenecks and shortages may be important to inflation, and explores the possibility that a novel indicator of shortages might prove to be a useful guide to the conduct of monetary policy.
The papers in the final section assess the contributions of different institutions to the success of monetary policy in the United States, Germany, and a wide range of other countries. Looking systematically at the various sources of failures in monetary policy, one essay suggests that imperfect understanding of how the economy functions has been a common source of monetary policy mistakes. Other essays discuss why inflation differs across the countries and explore the success of Germany's Bundesbank in keeping inflation low. This timely volume should be read by anyone who studies or conducts monetary policy.