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Monetary Policy in Low-Inflation Economies

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  • Altig,David E.
  • Nosal,Ed
Abstract
All central banks manage the supply of money and credit in their countries, increasing and decreasing them as needed to provide what economies need to keep growing. The way central banks typically handle that job involves short-term interest rates. But when inflation is low, central banks can't use their usual methods to get money and credit into an economy that needs it. Several essays in this volume describe the work of economists who have investigated problems that central banks might have when inflation gets low. Other essays investigate related questions such as whether an economy suffers when it moves from high inflation to low inflation, what the costs of inflation are to economic welfare, and whether a little bit of inflation can actually be good for economic growth.

Suggested Citation

  • Altig,David E. & Nosal,Ed (ed.), 2009. "Monetary Policy in Low-Inflation Economies," Cambridge Books, Cambridge University Press, number 9780521848503.
    • Handle: RePEc:cup:cbooks:9780521848503
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    Citations

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    Cited by:

    1. Craighead, William D. & Tien, Pao-Lin, 2015. "Nominal shocks and real exchange rates: Evidence from two centuries," Journal of International Money and Finance, Elsevier, vol. 56(C), pages 135-157.
    2. Huber, Samuel & Kim, Jaehong, 2020. "An overlapping generations model for monetary policy analysis," European Economic Review, Elsevier, vol. 125(C).
    3. Berentsen, Aleksander & Waller, Christopher, 2015. "Optimal Stabilization Policy With Search Externalities," Macroeconomic Dynamics, Cambridge University Press, vol. 19(3), pages 669-700, April.
    4. Yaseen Ghulam & Julian Beier, 2018. "Government ownership and risk taking among European savings banks," Journal of Banking Regulation, Palgrave Macmillan, vol. 19(3), pages 257-269, July.
    5. Silva, Mario, 2017. "New monetarism with endogenous product variety and monopolistic competition," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 158-181.
    6. Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2015. "Financial Innovations, Money Demand, and the Welfare Cost of Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S2), pages 223-261, June.
    7. Rocheteau, Guillaume, 2012. "The cost of inflation: A mechanism design approach," Journal of Economic Theory, Elsevier, vol. 147(3), pages 1261-1279.
    8. Pedro, Gomis-Porqueras & Cathy, Zhang, 2018. "Optimal Monetary and Fiscal Policy with Migration in a Currency Union," MPRA Paper 83754, University Library of Munich, Germany.
    9. Wang, Liang, 2016. "Endogenous search, price dispersion, and welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 94-117.
    10. Faria, João Ricardo & McAdam, Peter, 2012. "A new perspective on the Gold Standard: Inflation as a population phenomenon," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1358-1370.
    11. Keating, John W., 2013. "What do we learn from Blanchard and Quah decompositions of output if aggregate demand may not be long-run neutral?," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 203-217.
    12. Kircher, Philipp & Wright, Randall & Julien, Benoit & Guerrieri, Veronica, 2017. "Directed Search: A Guided Tour," CEPR Discussion Papers 12315, C.E.P.R. Discussion Papers.
    13. Michael Bordo & John Landon-Lane & Angela Redish, 2010. "Deflation, Productivity Shocks and Gold: Evidence from the 1880–1914 Period," Open Economies Review, Springer, vol. 21(4), pages 515-546, September.
    14. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.
    15. Michael D. Bordo & Joseph G. Haubrich, 2020. "Low Interest Rates and the Predictive Content of the Yield Curve," Working Papers 20-24R, Federal Reserve Bank of Cleveland, revised 21 Dec 2021.
    16. Svatopluk Kapounek, 2011. "Monetary Policy Implementation in the Eurozone - the Concept of Endogenous Money," MENDELU Working Papers in Business and Economics 2011-12, Mendel University in Brno, Faculty of Business and Economics.
    17. John W. Keating, 2013. "What Do We Learn from Blanchard and Quah Decompositions If Aggregate Demand May Not be Long-Run Neutral?," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201302, University of Kansas, Department of Economics.
    18. Anbarci, Nejat & Dutu, Richard & Feltovich, Nick, 2015. "Inflation tax in the lab: a theoretical and experimental study of competitive search equilibrium with inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 61(C), pages 17-33.
    19. Samuel Huber & Jaehong Kim & Alessandro Marchesiani, 2019. "Unemployment and the demand for money," ECON - Working Papers 324, Department of Economics - University of Zurich.

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