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Does Inflation Targeting Increase the Deflationary Bias in the World Economy?

In: Aspects of Modern Monetary and Macroeconomic Policies

Author

Listed:
  • Basil Moore

Abstract

This chapter consists of two parts: The first develops the application of process analysis to closed economies (Moore 2006). Economies are complex systems where all variables are continuously changing. Process analysis attempts to explain and, when possible, predict the short-run ordinal movement of selected variables. Complex systems have no tendency to reach an equilibrium configuration where all change has ceased. In consequence for complex system equilibrium analysis is useless, and easily leads to erroneous conclusions.

Suggested Citation

  • Basil Moore, 2007. "Does Inflation Targeting Increase the Deflationary Bias in the World Economy?," Palgrave Macmillan Books, in: Philip Arestis & Eckhard Hein & Edwin Heron (ed.), Aspects of Modern Monetary and Macroeconomic Policies, chapter 2, pages 7-26, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62734-5_2
    DOI: 10.1057/9780230627345_2
    as

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