Inflation is regarded by the many as a menace that damages business
and can only make life worse for households. Keeping it low depends
critically on ensuring that firms and workers expect it to be low.
So expectations of inflation are a key influence on national
economic welfare. This collection pulls together a galaxy of world
experts (including Roy Batchelor, Richard Curtin and Staffan
Linden) on inflation expectations to debate different aspects of
the issues involved. The main focus of the volume is on likely
inflation developments. A number of factors have led practitioners
and academic observers of monetary policy to place increasing
emphasis recently on inflation expectations. One is the spread of
inflation targeting, invented in New Zealand over 15 years ago, but
now encompassing many important economies including Brazil, Canada,
Israel and Great Britain. Even more significantly, the European
Central Bank, the Bank of Japan and the United States Federal Bank
are the leading members of another group of monetary institutions
all considering or implementing moves in the same direction. A
second is the large reduction in actual inflation that has been
observed in most countries over the past decade or so. These
considerations underscore the critical - and largely
underrecognized - importance of inflation expectations. They
emphasize the importance of the issues, and the great need for a
volume that offers a clear, systematic treatment of them. This
book, under the steely editorship of Peter Sinclair, should prove
very important for policy makers and monetary economists alike.
|Country of origin:
Peter J.N. Sinclair
||Electronic book text
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