A framework for the analysis of moderate inflations

Article Abstract:

A core real business cycle model has been developed for the evaluation and interpretation of moderately inflationary monetary policies and the organization of conceptual basis for policy analysis. The model, based on the Keynesian price level inflexibility concept, embodies a transmission mechanism which creates impact to aggregate supply through mark-up management on employment. It further permits the increase of price level by allowing negative aggregate demand create real contractions. More importantly, the framework provides monetary authorities and policymakers, with a Phillips curve trade-off between unemployment and inflation.

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Changes in UK monetary policy: rules and discretion in practice

Article Abstract:

Recurring inflation occurrences between 1965 and 1980 prompted the United Kingdom to adopt a new monetary policy framework for the Bank of England in Oct 1992, following its withdrawal from the Exchange Rate Mechanism. The move aimed to provide explicit targets for inflation and to provide Bank of England increased transparency and openness in terms of determining interest rates. The decision proved to be significant, because it gave way for more nominal and real demand stability and a reduced inflation rate as compared during the post-war period.

Administration of General Economic Programs, Currency Stabilization Programs, United Kingdom, Bank of England, Economic policy, Currency stabilization

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Central bank preferences and macroeconomic equilibrium

Article Abstract:

It has been concluded, using post-war US data, that authorities tend to trade off price level benefits against the cost of deviating from some exogenous inflation target. Such a notion has been determined to be identical with the concepts of Barro and Gordon (1983b). Moreover, it was established that price weight surprises account for only a third of that on inflation and that output elasticity in relation to price surprises is relatively insignificant.

Prices, Models, Equilibrium (Economics)

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