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Research on the Inflation Cost Evaluation and Appropriate Inflation Management Based on the Taylor Rule

In: Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

Author

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  • Shiqing Sheng

    (University of St. Andrews)

Abstract

Inflation has a number of negative effects, including the potential for reducing investment and slowing economic development due to volatility and uncertainty. Inflation can reduce an individual's savings value and shift the income away from savers to lenders and people with assets in society. When inflation reaches dangerously high levels, society can become unstable and people's faith in the economy might be lost. This paper evaluates the costs of inflation and how to manage inflation in an appropriate way by introducing the Taylor rule, a targeting monetary policy used by central banks to control inflation. According to the Taylor Rule, the Federal Reserve should raise rates when inflation exceeds the desired level or when GDP growth exceeds its potential.

Suggested Citation

  • Shiqing Sheng, 2023. "Research on the Inflation Cost Evaluation and Appropriate Inflation Management Based on the Taylor Rule," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Sikandar Ali Qalati (ed.), Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022), pages 558-565, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-054-1_60
    DOI: 10.2991/978-94-6463-054-1_60
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