02866nam 2200649Ia 450 991082608840332120200520144314.01-4623-6695-31-4527-0877-01-283-51669-197866138291461-4519-0920-9(CKB)3360000000443840(EBL)3014486(SSID)ssj0000939909(PQKBManifestationID)11489726(PQKBTitleCode)TC0000939909(PQKBWorkID)10946528(PQKB)10430907(OCoLC)694141167(IMF)WPIEE2006154(MiAaPQ)EBC3014486(EXLCZ)99336000000044384020061115d2006 uf 0engur|n|---|||||txtccrThe Maastricht inflation criterion how unpleasant is purgatory? /Ales Bulir and Jaromir Hurnik1st ed.Washington, D.C. International Monetary Fund, IMF Institutec20061 online resource (43 p.)IMF working paper ;WP/06/154"June 2006."1-4518-6414-0 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. INFLATION IN THE EUROPEAN UNION""; ""III. HOW COSTLY CAN DISINFLATION BE AND WHY?""; ""IV. POLICY IMPLICATIONS""; ""V. CONCLUSIONS""; ""References""The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.IMF working paper ;WP/06/154.Deflation (Finance)European Union countriesInflation (Finance)European Union countriesEuropean Union countriesEconomic conditionsEuropean Union countriesEconomic policyDeflation (Finance)Inflation (Finance)Bulir Ales862712Hurnik Jaromir1644491IMF Institute.International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910826088403321The Maastricht Inflation Criterion3990377UNINA