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Accounting for Stability

Author

Listed:
  • Bill Martin
  • Robert Rowthorn

Abstract

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by associated changes in the behaviour of inflation, which has itself led to a reduction in the volatility of economic shocks. Our projections suggest that a number of major economies could continue to enjoy an unusual degree of stability, granted average luck and current institutions. (JEL E3, E52, F01)

Suggested Citation

  • Bill Martin & Robert Rowthorn, 2005. "Accounting for Stability," CESifo Economic Studies, CESifo Group, vol. 51(4), pages 649-696.
    • Handle: RePEc:oup:cesifo:v:51:y:2005:i:4:p:649-696.
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    File URL: http://hdl.handle.net/10.1093/cesifo/51.4.649
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    Citations

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    Cited by:

    1. Singh, Ajit, 2007. "Globalization and Industrial Revolutions in India and China: Implications for Advanced and Developing Economies and for National and International Policies," MPRA Paper 24286, University Library of Munich, Germany.
    2. repec:ilo:ilowps:397934 is not listed on IDEAS
    3. Pieroni, Luca & d'Agostino, Giorgio & Lorusso, Marco, 2008. "Can we declare military Keynesianism dead?," Journal of Policy Modeling, Elsevier, vol. 30(5), pages 675-691.
    4. Singh, Ajit., 2007. "Globalisation, industrial revolutions in India and China and labour markets in advanced countries : implications for national and international economic policy," ILO Working Papers 993979343402676, International Labour Organization.
    5. Alex Izurieta & Ajit Singh, 2008. "Does fast Growth in India and China harm U.S. Workers? Insights from Simulation Evidence," Working Papers wp378, Centre for Business Research, University of Cambridge.

    More about this item

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F01 - International Economics - - General - - - Global Outlook

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