Stopping Inflations, Big and Small

Peter Ireland

Journal of Money, Credit and Banking, 1997, vol. 29, issue 4, 759-75

Abstract: Previous studies of disinflation work with models in which firms use time dependent strategies, changing nominal prices at intervals of fixed length. These models may be criticized for failing to allow pricing behavior to adjust after a large shift in policy regime. Consequently, this paper develops a model that permits firms to adopt strategies that are partially state-dependent, changing nominal prices whenever they depart sufficiently from their target values. The paper uses this model to examine how the welfare costs and benefits of disinflation vary with the initial inflation rate and the speed of disinflation. Copyright 1997 by Ohio State University Press.

Date: 1997
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Journal Article: Stopping inflations, big and small (1997)
Working Paper: Stopping inflations, big and small (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:29:y:1997:i:4:p:759-75

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