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‘External Balance’ and the Counter-Inflationary Imperative

In: Inflation and the Making of Australian Macroeconomic Policy, 1945–85

Author

Listed:
  • Michael Beggs

    (University of Sydney)

Abstract

As quoted in §1.2.2, in its 1965 report, the Committee of Economic Enquiry used the relationship between full employment, price stability and external viability as an example of the potential for conflict between policy targets: ‘the nearer an economy is to full employment, the more difficult it is to achieve stability of costs and prices. On the other hand, stability of costs and prices makes for external viability, although action to achieve external viability, for example, by exchange devaluation, may operate against stable prices’ (Vernon et al., 1965, p. 46).

Suggested Citation

  • Michael Beggs, 2015. "‘External Balance’ and the Counter-Inflationary Imperative," Palgrave Macmillan Books, in: Inflation and the Making of Australian Macroeconomic Policy, 1945–85, chapter 2, pages 31-71, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26597-5_2
    DOI: 10.1057/9781137265975_2
    as

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