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A Disinflation Trade-Off: Speed Versus Final Destination

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  • John A. Carlson

    ()
    (Department of Economics, Krannert Graduate School of Management, Purdue University, West Lafayette, IN 47907.)

  • Neven T. Valev

    ()
    (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, Atlanta, GA 30303.)

Abstract

When introducing a new monetary regime designed to reduce inflation, does a central bank prefer more or fewer economic agents who form informed forecasts of inflation? The relevance of the question arises because the central bank can make a decision about how much information to disseminate about the nature of the new regime. We find that the central bank will prefer a higher proportion of agents who form rational expectations if it disinflates from a high level of inflation, but not so if it disinflates from a moderate or low inflation level. Copyright 2002, Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 40 (2002)
Issue (Month): 3 (July)
Pages: 450-456

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Handle: RePEc:oup:ecinqu:v:40:y:2002:i:3:p:450-456

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Cited by:
  1. Tomasz Lyziak, 2014. "Inflation expectations in Poland, 2001–2013. Measurement and macroeconomic testing," National Bank of Poland Working Papers 178, National Bank of Poland, Economic Institute.
  2. Heinemann, Friedrich & Ullrich, Katrin, 2004. "The Impact of EMU on Inflation Expectations," ZEW Discussion Papers 04-01, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Neven Valev & John A. Carlson, 2004. "Beliefs about Exchange-Rate Stability: Survey Evidence from the Currency Board in Bulgaria," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0424, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  4. Svatopluk Kapounek & Lubor Lacina, 2011. "Inflation Perceptions and Anticipations in the Old Eurozone Member States," Prague Economic Papers, University of Economics, Prague, vol. 2011(2), pages 120-139.
  5. Georges Prat & Remzi Uctum, 2009. "Modelling oil price expectations: evidence from survey data," EconomiX Working Papers 2009-28, University of Paris West - Nanterre la Défense, EconomiX.

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