Theoretical Approaches to Monetary Disinflation
During the 1980s many countries adopted tight monetary policies to reduce high inflation rates which were the legacy of the 1970s. As inflation threatens to rise at the beginning of this decade, this paper provides a survey of the 1980s literature which sought to provide theoretical understandings of how monetary disinflation is achieved. Four models are presented--monetarist, neo-Keynesian, new classical, and post-Keynesian. Each model's explanation of the recession which accompanies the monetary disinflation is outlined, as well as possible policy measures to reduce the extent of the recession and to hasten the return to full employment. Copyright 1991 by Blackwell Publishers Ltd
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Volume (Year): 5 (1991)
Issue (Month): 4 ()
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