English, Article, Journal or magazine article edition: Monetary Policy When Inflation is Low Charles Pigott; Hans Christiansen

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Monetary Policy When Inflation is Low
Author
  • Charles Pigott
  • Hans Christiansen
Physical Description
  • preprint
Notes
  • 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 ... Cet article examine quelques questions-clés concernant les conséquences pour la politique monétaire de l’obtention d'une faible inflation dans les pays de l'OCDE au cours des années 90. En particulier l'étude examine si des améliorations dans les mécanismes de transmission de la politique monétaire permettent d’abaisser les risques d'inflation, ou de réduire plus facilement les poussées inflationnistes quand elles surgissent; elle examine aussi les bénéfices et les coûts supplémentaires que sont susceptibles d’entraîner un abaissement de l’inflation au niveau zéro ou le maintien des prix à un niveau stable. L'analyse confirme trois observations majeures. Tout d'abord il y a eu des changements importants, en particulier dans les anticipations inflationnistes et dans les systèmes de politique monétaire, qui devraient contribuer à contenir l'inflation et à abaisser le coût de cette maîtrise. Toutefois, mis à part aux États-Unis et au Royaume-Uni, il n’apparaît pas encore clairement ...
  • RePEc:oec:ecoaaa:191-en
Language
  • English
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