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Inflation Inertia, Monetary Policy and Market Competition: Tarantelli Revisited

In: Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought

Author

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  • Fabrizio Coricelli

    (Università di Siena)

Abstract

The chapter claims that monetary authorities’ conservatism is needed to improve the macroeconomic performance, the more so the higher the degree of product market competition. Contrary to a widespread belief, central bank conservatism and market competition are complements, rather than substitutes. This could justify the presence of a conservative European Central Bank in the process of a strengthened European integration.

Suggested Citation

  • Fabrizio Coricelli, 2007. "Inflation Inertia, Monetary Policy and Market Competition: Tarantelli Revisited," AIEL Series in Labour Economics, in: Nicola Acocella & Riccardo Leoni (ed.), Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, edition 1, chapter 13, pages 255-272, AIEL - Associazione Italiana Economisti del Lavoro.
    • Handle: RePEc:ail:chapts:02-13
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    File URL: http://link.springer.com/chapter/10.1007/978-3-7908-1923-6_13
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    Keywords

    Monetary conservatism; market competition; macroeconomic performance.;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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