Research Catalog

Title

Monetary Policy when Inflation is Low [electronic resource] / Charles Pigott and Hans Christiansen

Author

Pigott, Charles.

Publication

Paris : OECD Publishing, 1998.

Details

Additional Authors

Christiansen, Hans.

Description

51 p.; 21 x 29.7cm.

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 ...

Series Statement

OECD Economics Department Working Papers, 1815-1973 ; no.191

Uniform Title

OECD Economics Department Working Papers, no.191.

Subject

Economics

LCCN

10.1787/712566642766

OCLC

oecd-lib

Author

Pigott, Charles.

Title

Monetary Policy when Inflation is Low [electronic resource] / Charles Pigott and Hans Christiansen

Imprint

Paris : OECD Publishing, 1998.

Series

OECD Economics Department Working Papers, 1815-1973 ; no.191

OECD Economics Department Working Papers, 1815-1973 ; no.191.

Connect to:

Full text online available onsite at NYPL

Indexed Term

Economics

Added Author

Christiansen, Hans.

Other Standard Identifier

10.1787/712566642766 doi