The costs and benefits of price stability
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Bibliographic Information
The costs and benefits of price stability
（A National Bureau of Economic Research conference report）
University of Chicago Press, c1999
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"Papers ... presented and discussed at an NBER conference held at the New York Federal Reserve Bank on 20-21 Feburary, 1997--Pref
Includes bibliographical references and indexes
Description and Table of Contents
Description
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this benign economic environment: should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. This volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain and the United Kingdom. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Table of Contents
Preface Introduction by Martin Feldstein 1. Capital Income Taxes and the Benefit of Price Stability Martin Feldstein 2. Price Stability versus Low Inflation in Germany: An Analysis of Costs and Benefits Karl-Heinz Todter and Gerhard Ziebarth 3. A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain Juan J. Dolado, Jose M. Gonzalez-Paramo, and Jose Vinals 4. Some Costs and Benefits of Price Stability in the United Kingdom Hasan Bakhshi, Andrew G. Haldane, and Neal Hatch Comment (on chaps. 2, 3, and 4): Andrew B. Abel Comment (on chaps. 2, 3, and 4): Rudiger Dornbusch 5. Inflation and the User Cost of Capital: Does Inflation Still Matter? Darrel Cohen, Kevin A. Hassett, and R. Glenn Hubbard Comment: Alan J. Auerbach Discussion Summary 6. Excess Capital Flows and the Burden of Inflation in Open Economies Mihir A. Desai and James R. Hines, Jr. Comment: Jeffrey A. Frankel Discussion Summary 7. Identifying Inflation's Grease and Sand Effects in the Labor Market Erica L. Groshen and Mark E. Schweitzer Comment: Laurence Ball Discussion Summary 8. Does Inflation Harm Economic Growth? Evidence from the OECD Javier Andres and Ignacio Hernando Comment: Frederic S. Mishkin Discussion Summary Contributors Author Index Subject Index ??
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