The scourge of inflation? unemployment and orthodox monetary policy

Australian Economic Review

Volumn 32, Issue 1, 1999, Pages 74-82

  Bell, Stephen ^a  

^a UNIVERSITY OF TASMANIA   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0011331430     PISSN: 00049018     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-8462.00095     Document Type: Article

References (56)

1. Akerlof, G., Dickens, W. & Perry, G. 1996a, 'Low inflation or no inflation: Should the Federal Reserve pursue complete price stability?', vol. 39, no. 5, pp. 11-17.
2. Akerlof, G., Dickens, W. & Perry, G. 1996b, 'The macroeconomics of low inflation', Brookings Papers on Economic Activity, no. 1, pp. 1-76.
3. Argy, F. 1998, Australia at the Cross Roads, Alien & Unwin, Sydney.
4. Armstrong, P., Glyn, A. & Harrison, J. 1991, Capitalism since 1945, Blackwell, Oxford.
5. Australian 1992, 'Recession our fault, Reserve Deputy says', 22 May, pp. 1,4.
6. Australian Chamber of Commerce and Industry 1996, Pre-Budget Submission, February, Canberra.
7. Australian Chamber of Commerce and Industry 1997, Pre-Budget Submission, February, Canberra.
8. Ball, L. 1993, 'How costly is disinflation?: The historical evidence', Federal Reserve Bank of Philadelphia Business Review, November-December, pp. 17-28.
9. Barro, R. J. 1996, 'Inflation and growth', Federal Reserve Bank of St. Louis Review, vol. 78, no. 3, pp. 153-69.
10. Bell, S. 1997, Ungoveming the Economy: The Political Economy of Australian Economic Policy, Oxford University Press, Melbourne.
11. Bootle, R. 1996, The Death of Inflation: Surviving and Thriving in the Zero Era, Nicholas Brealy, London.
12. Brash, D. 1997, 'The new inflation target and New Zealanders' expectations about inflation and growth', address to Canterbury Employers' Chamber of Commerce, Christchurch, 23 January.
13. Brittan, S. 1995, 'Elusive case for stable prices', Financial Times, 18 May, p. 9.
14. Bruno, M. 1995, 'Does inflation really lower growth', Finance and Development, vol. 32, no. 3, pp. 35-8.
15. Bruno, M. & Easterly, W. 1998, 'Inflation crises and long-run growth', Journal of Monetary Economics, vol. 41, pp. 3-26.
16. Chowdhury, A. & Mallik, G. 1999, 'A land locked into low inflation: How far is the promised land?', Economic Analysis and Policy, forthcoming.
17. De Gregorio, J. 1993, 'Inflation, taxation and long-run growth', Journal of Monetary Economics, vol. 31, pp. 271-98.
18. Eatwell, J. 1995, 'The international origins of unemployment', in Managing the Global Economy, eds J. Michie & J. Grieve Smith, Oxford University Press, Oxford.
19. Economist 1995, 'The cost of inflation', 13 May, p. 90.
20. Economist 1997a, 'The politics of unemployment', 5 April, pp. 17-19.
21. Economist 1997b, 'Up the NAIRU without a paddle', 8 March, p. 98.
22. Fischer, S. 1993, 'The role of macroeconomic factors in growth', Journal of Monetary Economics, vol. 32, pp. 485-512.
23. Fischer, S. 1995, 'Modern central banking', in The Future of Central Banking, eds F. Capie, C. Goodhart & N. Schmidt, Cambridge University Press, Cambridge.
24. Fortin, F. 1993, 'The unbearable lightness of zero-inflation optimism', Canadian Business Economics, vol. 1, pp. 3-18.
25. Fraser, B. W. 1996, 'Reserve Bank independence', Reserve Bank of Australia Bulletin, September, pp. 14-20.
26. Galbraith, J. 1997, 'Time to ditch the NAIRU', Journal of Economic Perspectives, vol. 11, no. 1, pp. 93-108.
27. Gourevitch, P. 1986, Politics in Hard Times, Cornell University Press, Ithaca.
28. Hibbs, D. A. 1987, The American Political Economy: Macroeconomics and Electoral Politics, Harvard University Press, Cambridge, Massachusetts.
29. Holt, P. M. 1997, 'RBA must lay it on line', Australian Financial Review, Letters, 30 April, p. 20.
30. Junankar, P. N. & Kapuscinskiu, C. A. 1992, The Costs of Unemployment in Australia, EPAC Background Paper no. 24, AGPS, Canberra.
31. Junor, B. 1995, 'Inflation', in The Australian Economy, ed. P. Kriesler, Alien & Unwin, Sydney.
32. Krugman, P. 1994, 'Europe jobless, America penniless?', Foreign Policy, no. 95, pp. 1934.
33. Krugman, P. 1996, 'Stable prices and fast growth: Just say no', Economist, 31 August, pp. 15-18.
34. Kyriakopoulos, J. 1991, 'Does moderate inflation affect economic growth?', in Contempo-rary Issues in Australian Economics, ed. M. R. Johnson, Macmillan, Melbourne.
35. Langmore, J. & Quiggin, J. 1994, Work for All: Full Employment in the Nineties, Melbourne University Press, Melbourne.
36. Levine, R. & Zervos, S. 1993, 'What have we learned about policy and growth from cross-country regressions?', American Economic Review, vol. 83, pp. 426-30.
37. Luttwak, E. 1996, 'Central bankism', London Review of Books, 14 November, pp. 3, 6-7.
38. McClain, K. T. & Nichols, L. M. 1993-94, 'On the relation between investment and inflation: Some results from cointegration, causation, and sign tests', Journal of PostKeynesian Economics, vol. 16, pp. 205-20.
39. McTaggart, D. 1992, 'The cost of inflation in Australia', in Inflation, Disinflation and Monetary Policy, ed. A. Blundell-Wignall, Reserve Bank of Australia, Sydney.
40. Mathews, R. L. 1996, 'Financial markets and failed economic policies', in Dialogues on Australia's Future, eds P. Sheehan, B. Grewal & M. Kumnick, Centre for Strategic Economic Studies, Victoria University, Melbourne.
41. Michl, T. 1995, 'Assessing the costs of inflation and unemployment', in The Political Economy of Full Employment, eds P. Arestis & M. Marshall, edward Elgar, London.
42. Palley, T. I. 1998, 'Restoring prosperity: Why the US model is not the answer for the United States or Europe', Journal of PostKeynesian Economics, vol. 20, pp. 337-53.
43. Reserve Bank of Australia 1993, Towards full employment', Occasional Paper no. 12, RBA, Sydney.
44. Reserve Bank of Australia 1996, Australian Economic Statistics 1949-50 to 1994-95, RBA, Sydney.
45. Rudebusch, G. D. & Wilcox, D. W. 1994, Productivity and Inßation: Evidence and Interpretations, Federal Reserve Board, Washington, DC.
46. Sarel, M. 1996, 'Nonlinear effects of inflation on economic growth', IMF Staff Papers, vol. 43, pp. 199-215.
47. Seabright, P. 1996, 'Down with deflation', London Review of Books, 12 December, pp. 30-1.
48. Seccareccia, M. & Lavoie, M. 1996, 'Central bank austerity policy, zero-inflation targets and productivity growth in Canada', Journal of Economic Issues, vol. 30, pp. 533-43.
49. Smyth, D. J. 1994, 'Inflation and growth', Journal of Macroeconomics, vol. 16, pp. 261-70.
50. Stanners, \V. 1993, 'Is low inflation an important condition for high growth?', Cambridge Journal of Economics, vol. 17, pp. 79-107.
51. Stevens, G. 1992, 'Inflation and disinflation in Australia: 1950-91', in Inflation, Disinflation and Monetary Policy, ed. A. BlundellWignall, Reserve Bank of Australia, Sydney.
52. Stiglitz, J. 1997, 'Reflections on the natural rate hypothesis', Journal of Economic Perspectives, vol. 11, no. 1, pp. 3-10.
53. Thurow, L. C. 1996, The Future of Capitalism, Alien & Unwin, Sydney.
54. Tobin, J. 1972, 'Inflation and unemployment', American Economic Review, vol. 62, pp. 118.
55. Victorian Chamber of Manufactures 1977, '1977-Crucial time for manufacturing', VCM File, vol. 22, no. 1.
56. Wright, L. 1995, 'Post-monetarism at the Reserve Bank', Current Affairs Bulletin, February-March, pp. 13-22.