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| Tekijä: | Anderton, R. |
| Otsikko: | Did the underlying behaviour of inflation change in the 1980s? A study of 17 countries |
| Lehti: | Weltwirtschaftliches Archiv
1997 : VOL. 133:1, p. 22-38 |
| Asiasana: | ECONOMICS INFLATION CHANGE |
| Kieli: | eng |
| Tiivistelmä: | During the 1980s, many countries pursued policies with the objective of reducing inflation. However, a key question is whether these deflationary processes merely reduced the level of inflation or also changed the persistence of inflation. This is an important question as a reduction in the persistence of inflation suggests that the unemployment costs of deflationary policies will be lower. Theoretical models suggest that the monetary authorities should be able to achieve a lower degree of inflation persistence by displaying a credible commitment to a non-accommodation of wage and price shocks. |
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