English, Article, Journal or magazine article edition: The impact of imperfect credibility in a transition to price stability Anamaria Nicolae; Charles Nolan

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Impact Of Imperfect Credibility In A Transition To Price Stability
Author
  • Anamaria Nicolae
  • Charles Nolan
Physical Description
  • preprint
Notes
  • In this paper we study the impact of a temporary lack of credibility in a transition to price stability. We quantify the effects of a period of disinflation on temporary output losses, and the impact of the lack of credibility on the optimal speed on disinflation. We demonstrate that the “disinflationary booms” found by Ball (1994) and Ireland (1997) may or may not disappear in an environment with imperfect credibility, depending on the speed of learning relative to the speed of disinflation. Finally we enquire whether the speed of the Volcker disinflation was excessive or not.
  • Price stability; imperfect credibility; optimal speed of disinflation.
  • RePEc:san:cdmawp:0402
  • RePEc:mmf:mmfc03:72
  • RePEc:ecj:ac2004:102
Language
  • English
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