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

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  • Juan J. Dolado
  • José M. González-Páramo
  • José Viñals

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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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9728.

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Length: 61 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:bde:wpaper:9728

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Keywords: COST-BENEFIT ANALYSIS ; INFLATION ; PRICES;

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Cited by:
  1. Monika Blaszkiewicz & Jerzy Konieczny & Anna Myslinska & Przemyslaw Wozniak, 2003. "Some Benefits of Reducing Inflation in Transition Economies," CASE Network Studies and Analyses 0251, CASE-Center for Social and Economic Research.
  2. José Manuel González Páramo, 2003. "Midiendo el coste marginal en bienestar de una reforma impositiva," Hacienda Pública Española, IEF, vol. 166(3), pages 115-147, September.
  3. Mark A. Wynne, 2008. "How should central banks define price stability?," Globalization and Monetary Policy Institute Working Paper 08, Federal Reserve Bank of Dallas.
  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, vol. 61, September.
  5. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Banco de Espa�a Working Papers 0307, Banco de Espa�a.
  6. Ferran Sancho, 2004. "Una estimación del coste marginal en bienestar del sistema impositivo en España," Hacienda Pública Española, IEF, vol. 169(2), pages 117-132, June.
  7. Antonio Sánchez Soliño, 2012. "Optimización de la transferencia de riesgos en los Contratos de Infraestructuras y Servicios Públicos," Hacienda Pública Española, IEF, vol. 201(2), pages 67-91, June.

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