Does Inflation Targeting Increase the Deflationary Bias in the World Economy?

Basil Moore

Chapter 2 in Aspects of Modern Monetary and Macroeconomic Policies, 2007, pp 7-26 from Palgrave Macmillan

Abstract: Abstract This chapter consists of two parts: The first develops the application of process analysis to closed economies (Moore 2006). Economies are complex systems where all variables are continuously changing. Process analysis attempts to explain and, when possible, predict the short-run ordinal movement of selected variables. Complex systems have no tendency to reach an equilibrium configuration where all change has ceased. In consequence for complex system equilibrium analysis is useless, and easily leads to erroneous conclusions.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; Aggregate Demand (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62734-5_2

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DOI: 10.1057/9780230627345_2

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