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A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain

  • Juan J. Dolado
  • José M. González-Páramo
  • José Viñals

One of the most significant economic developments of recent years in industrialized countries has been the increasing orientation of macroeconomic policies - and of monetary policies in particular - to achieving lower inflation rates. This has led to a move from low inflation to price stability in a number of countries and, in particular, in Spain. The purpose of this paper is to provide some empirical evidence on the net economic gains that have been obtained in the case of Spain from achieving inflation rates which are low enough to be considered consistent with a situation of price stability.

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Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9728.

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Length: 61 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:bde:wpaper:9728
Contact details of provider: Web page: http://www.bde.es/
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  1. Manuel Jaen & Agustin Molina, 1994. "Un análisis empírico de la tenencia y demanda de vivienda en Andalucía," Investigaciones Economicas, Fundación SEPI, vol. 18(1), pages 143-164, January.
  2. Laurence Ball, 1993. "What determines the sacrifice ratio?," Working Papers 93-21, Federal Reserve Bank of Philadelphia.
  3. Timothy Kehoe & Antonio Manresa & Clemente Polo & Ferrán Sancho, 1989. "Un análisis de equilibrio general de la reforma fiscal de 1986 en España," Investigaciones Economicas, Fundación SEPI, vol. 13(3), pages 337-385, September.
  4. Stanley Fischer & Franco Modigliani, 1978. "Towards an understanding of the real effects and costs of inflation," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 114(4), pages 810-833, December.
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