Monetary policy in low inflation economies / edited by David E. Altig, Ed Nosal.

Includes bibliographical references and index.

The welfare cost of inflation in the presence of inside money / Scott Freeman, Espen R. Henriksen, and Finn E. Kydland -- An open-economy model of endogenous price flexibility / Michael B. Devereux -- Efficient inflation targets for distorted dynamic economies / Costas Azariadis and Raphael W.K. Lam -- Inflation and welfare in models with trading frictions / Guillaume Rocheteau and Randall Wright -- Good versus bad deflation : lessons from the gold standard era / Michael D. Bordo, John Landon-Lane, and Angela Redish -- Monetary policy orientation in times of low inflation / Jürgen von Hagen and Boris Hofmann -- Observations on disinflation in transition economies / Paul Wachtel and Iikka Korhonen -- Inflation and financial market performance : what have we learned in the last ten years? / John Boyd and Bruce Champ.

Print version record.

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.

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