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A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain

In: The Costs and Benefits of Price Stability

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  • Juan Dolado

Abstract

One of the most significant economic developments of recent years in industrialized countries has been the increasing orientation of macroeconomic policies - and of monetary policies in particular - to achieving lower inflation rates. This has led to a move from low inflation to price stability in a number of countries and, in particular, in Spain. The purpose of this paper is to provide some empirical evidence on the net economic gains that have been obtained in the case of Spain from achieving inflation rates which are low enough to be considered consistent with a situation of price stability.

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This chapter was published in:

  • Martin Feldstein, 1999. "The Costs and Benefits of Price Stability," NBER Books, National Bureau of Economic Research, Inc, number feld99-1.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 7772.

    Handle: RePEc:nbr:nberch:7772

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    Cited by:
    1. José Manuel González Páramo, 2003. "Midiendo el coste marginal en bienestar de una reforma impositiva," Hacienda Pública Española, IEF, IEF, vol. 166(3), pages 115-147, September.
    2. Mark A. Wynne, 2008. "How should central banks define price stability?," Globalization and Monetary Policy Institute Working Paper, Federal Reserve Bank of Dallas 08, Federal Reserve Bank of Dallas.
    3. Antonio Sánchez Soliño, 2012. "Optimización de la transferencia de riesgos en los Contratos de Infraestructuras y Servicios Públicos," Hacienda Pública Española, IEF, IEF, vol. 201(2), pages 67-91, June.
    4. Leo Bonato, 1998. "The benefits of price stability: some estimates for New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 61, September.
    5. Blaszkiewicz, Monika & Konieczny, Jerzy & Myslinska, Anna & Radziwiland, Artur & Wozniak, Przemyslaw, 2002. "Some benefits of reducing inflation in transition economies," BOFIT Discussion Papers, Bank of Finland, Institute for Economies in Transition 16/2002, Bank of Finland, Institute for Economies in Transition.
    6. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Banco de Espa�a Working Papers 0307, Banco de Espa�a.
    7. Ferran Sancho, 2004. "Una estimación del coste marginal en bienestar del sistema impositivo en España," Hacienda Pública Española, IEF, IEF, vol. 169(2), pages 117-132, June.

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