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Policy Accommodation and Gradual Stabilizations

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  • de Gregorio, Jose

Abstract

Gradual stabilizations are usually the result of policy accommodation that attempts to avoid the recessionary costs of a sharp reduction of inflation. This paper presents two models that are consistent with the fact that, despite their dislike of inflation, policymakers nevertheless most often choose to adopt accommodative policies and implement gradual stabilization programs. The models presented in this paper emphasize the role of backward-looking indexation and the existence of fixed costs associated with the implementation of a stabilization program. Copyright 1995 by Ohio State University Press.

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  • de Gregorio, Jose, 1995. "Policy Accommodation and Gradual Stabilizations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(3), pages 727-741, August.
    • Handle: RePEc:mcb:jmoncb:v:27:y:1995:i:3:p:727-41
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    Cited by:

    1. Jose De Gregorio, 2007. "Defining Inflation Targets, the Policy Horizon and the Output-Inflation Tradeoff," Working Papers Central Bank of Chile 415, Central Bank of Chile.
    2. Carlos Chaverri Morales & Carlos Torres Gutiérrez, 2013. "Inflationary Dynamics and Persistence in Costa Rica: Period 1953-2009," Investigación Conjunta-Joint Research, in: Laura Inés D'Amato & Enrique López Enciso & María Teresa Ramírez Giraldo (ed.), Inflationary Dynamics, Persistence, and Prices and Wages Formation, edition 1, volume 1, chapter 3, pages 37-79, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    3. Carlos Chaverri Morales & Carlos Torres Gutiérrez, 2013. "Dinámica inflacionaria y persistencia en Costa Rica: periodo 1953-2009," Investigación Conjunta-Joint Research, in: Laura Inés D'Amato & Enrique López Enciso & María Teresa Ramírez Giraldo (ed.), Dinámica inflacionaria, persistencia y formación de precios y salarios, edition 1, chapter 3, pages 43-90, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    4. Ramon Moreno & Agustin Villar, 2010. "Inflation expectations, persistence and monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy and the measurement of inflation: prices, wages and expectations, volume 49, pages 77-92, Bank for International Settlements.
    5. Jose De Gregorio, 2003. "Productivity Growth and Disinflation in Chile," Working Papers Central Bank of Chile 246, Central Bank of Chile.

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