English, Article, Journal or magazine article edition: Optimal disinflationary paths Peter N. Ireland

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Bookmark: http://trove.nla.gov.au/version/74706
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal disinflationary paths
Author
  • Peter N. Ireland
Physical Description
  • preprint
Notes
  • This paper characterizes optimal monetary policy in the context of a general equilibrium model with optimizing agents and staggered price setting. Starting from a steady state with positive inflation, a rapid disinflation is desirable when announcements of future monetary policy are fully credible. Disinflationary policy yields substantial losses in output and employment when the monetary authority lacks credibility; nevertheless, the benefits of disinflation still exceed the costs. Disinflation often fails to be welfare-improving, however, when lost seignorage revenues must be replaced using other distortionary taxes.
  • Inflation (Finance) ; Monetary policy
  • RePEc:fip:fedrwp:95-01
Language
  • English
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