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Understanding Inflation and Controlling It

  • Kaushik Basu

    ()

  • C Marks

Inflation management is one of the hardest tasks an economic policymaker has to undertake. It appears, at first sight, that one can rely entirely on commonsense to carry out this task. But that will be a cardinal mistake. While inflation policy does require judgment and intuition, it is essential that these be backed up with statistical information and an understanding of economic theory. This paper tries to bring together the formal analytics that underlie inflation policy. It surveys some of the standard ideas and also questions some of these and, in the process, tries to push further outwards the frontiers of our understanding.

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Paper provided by eSocialSciences in its series Working Papers with number id:4481.

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Date of creation: Sep 2011
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Handle: RePEc:ess:wpaper:id:4481
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  1. Ankita Mishra & Ranjan Ray, 2011. "Prices, Inequality, And Poverty: Methodology And Indian Evidence," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 57(3), pages 428-448, 09.
  2. Dilip Mookherjee & Sujata Visaria & Ulf Lilienfeld Toal, 2010. "The Distributive Impact of Reforms in Credit Enforcement: Evidence from Indian Debt Recovery Tribunals," Working Papers id:2613, eSocialSciences.
  3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  4. Basu, Kaushik, 1992. "A geometry for non-Walrasian general equilibrium theory," Journal of Macroeconomics, Elsevier, vol. 14(1), pages 87-103.
  5. Reetika Khera, 2011. "Trends In Diversion Of Pds Grain," Working papers 198, Centre for Development Economics, Delhi School of Economics.
  6. Ashima Goyal & Shruti Tripathi, 2011. "New Keynesian aggregate supply in the tropics: food prices, wages and inflation," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 4(4), pages 330-354.
  7. Reetika Khera, 2011. "India's Public Distribution System: Utilisation and Impact," Journal of Development Studies, Taylor & Francis Journals, vol. 47(7), pages 1038-1060.
  8. Robert E. Hall, 1982. "Introduction to "Inflation: Causes and Effects"," NBER Chapters, in: Inflation: Causes and Effects, pages 1-10 National Bureau of Economic Research, Inc.
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