LEADER 03975nam 2200697Ia 450 001 9910807411503321 005 20200520144314.0 010 $a1-281-22337-9 010 $a9786611223373 010 $a0-226-24176-9 024 7 $a10.7208/9780226241760 035 $a(CKB)1000000000401918 035 $a(EBL)408506 035 $a(OCoLC)212414658 035 $a(SSID)ssj0000131216 035 $a(PQKBManifestationID)11148797 035 $a(PQKBTitleCode)TC0000131216 035 $a(PQKBWorkID)10008739 035 $a(PQKB)11307970 035 $a(MiAaPQ)EBC408506 035 $a(DE-B1597)535853 035 $a(OCoLC)824143745 035 $a(DE-B1597)9780226241760 035 $a(Au-PeEL)EBL408506 035 $a(CaPaEBR)ebr10216977 035 $a(CaONFJC)MIL122337 035 $a(EXLCZ)991000000000401918 100 $a19981029d1999 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 04$aThe costs and benefits of price stability /$fedited by Martin Feldstein 205 $a1st ed. 210 $aChicago $cUniversity of Chicago Press$d1999 215 $a1 online resource (374 p.) 225 1 $aA National Bureau of Economic Research conference report 300 $aPapers presented at an NBER conference held at the Federal Reserve Bank of New York on Feb. 20-21, 1997. 311 0 $a0-226-24099-1 320 $aIncludes bibliographical references and indexes. 327 $tFront matter --$tNational Bureau of Economic Research --$tContents --$tPreface --$tIntroduction --$t1. Capital Income Taxes and the Benefit of Price Stability --$t2. Price Stability versus Low Inflation in Germany: An Analysis of Costs and Benefits --$t3. A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain --$t4. Some Costs and Benefits of Price Stability in the United Kingdom --$t5. Inflation and the User Cost of Capital: Does Inflation Still Matter? --$t6. Excess Capital Flows and the Burden of Inflation in Open Economies --$t7. Identifying Inflation's Grease and Sand Effects in the Labor Market --$t8. Does Inflation Harm Economic Growth? Evidence from the OECD --$tContributors --$tAuthor Index --$tSubject Index 330 $aIn recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation. 410 0$aConference report (National Bureau of Economic Research) 606 $aInflation (Finance)$vCongresses 606 $aMonetary policy$vCongresses 606 $aPrice regulation$vCongresses 606 $aPrices$xGovernment policy$vCongresses 615 0$aInflation (Finance) 615 0$aMonetary policy 615 0$aPrice regulation 615 0$aPrices$xGovernment policy 676 $a338.5/26 701 $aFeldstein$b Martin S$088785 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910807411503321 996 $aCosts and benefits of price stability$9506870 997 $aUNINA