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A Land Locked into Low Inflation--How Far Is the Promised Land?

Author

Listed:
  • Chowdhury, Anis

    (University of Western Sydney)

  • Mallik, Girijasankar

    (University of Western Sydney)

Abstract

Since the mid-1970s, inflation has been identified as the number one macroeconomic problem in Australia, and "fight inflation first" has become the cornerstone of macroeconomic policy mix. The present government has come close to the NZ stance of having legislated a "zero or low" inflation target for the Reserve Bank. This policy stance has been largely successful in bringing both actual and expected inflation down. The fight against inflation has obviously left many casualties--the unemployed. There will, however, be a net gain if the promised productivity growth eventuates. This paper finds that the promised relationship between inflation and productivity growth is either missing or fragile.

Suggested Citation

  • Chowdhury, Anis & Mallik, Girijasankar, 1998. "A Land Locked into Low Inflation--How Far Is the Promised Land?," Economic Analysis and Policy, Elsevier, vol. 28(2), pages 233-243, September.
    • Handle: RePEc:eee:ecanpo:v:28:y:1998:i:2:p:233-243
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    Citations

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    Cited by:

    1. Girijasankar Mallik & Anis Chowdhury, 2011. "Effect of inflation uncertainty, output uncertainty and oil price on inflation and growth in Australia," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 38(4), pages 414-429, September.
    2. Renuka Mahadevan & John Asafu‐Adjaye, 2006. "Is There A Case For Low Inflation‐Induced Productivity Growth In Selected Asian Economies?," Contemporary Economic Policy, Western Economic Association International, vol. 24(2), pages 249-261, April.
    3. Tim Bulman & John Simon, 2003. "Productivity and Inflation," RBA Research Discussion Papers rdp2003-10, Reserve Bank of Australia.

    More about this item

    Keywords

    Inflation; Macroeconomics;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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