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Indicators of Inflation

In: Price Stabilization in the 1990s

Author

Listed:
  • Robert H. Rasche
  • Peter Nicholl
  • Takatoshi Ito

Abstract

The purpose of this analysis is to review and analyse several indicators or information variables for inflation that have been proposed recently. The traditional and widely accepted perspective was that a monetary aggregate is an accurate indicator of the price level in the economy and that the growth rate of such an aggregate is an indicator of the sustainable rate of inflation. Careful statements of this position acknowledged that the indicator role of monetary aggregates and/or their rates of growth is appropriate for the analysis of long-run, equilibrium, or steady-states of an economy. From month to month, quarter to quarter, and even from year to year the size of a nominal monetary aggregate or its rate of growth should not be expected to precisely or even accurately track the price level or inflation, because the economic analysis that is the foundation of the monetary indicator proposition assumes away transitory fluctuations in real output and the velocity of the monetary aggregate.

Suggested Citation

  • Robert H. Rasche & Peter Nicholl & Takatoshi Ito, 1993. "Indicators of Inflation," Palgrave Macmillan Books, in: Kumiharu Shigehara (ed.), Price Stabilization in the 1990s, chapter 9, pages 277-327, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12893-8_9
    DOI: 10.1007/978-1-349-12893-8_9
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