Inflation Inertia, Monetary Policy and Market Competition: Tarantelli Revisited

Fabrizio Coricelli

Chapter 13 in Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, 2007, pp 255-272 from AIEL - Associazione Italiana Economisti del Lavoro

Abstract: The chapter claims that monetary authorities’ conservatism is needed to improve the macroeconomic performance, the more so the higher the degree of product market competition. Contrary to a widespread belief, central bank conservatism and market competition are complements, rather than substitutes. This could justify the presence of a conservative European Central Bank in the process of a strengthened European integration.

Keywords: Monetary conservatism; market competition; macroeconomic performance. (search for similar items in EconPapers)
JEL-codes: E02 E58 (search for similar items in EconPapers)
Date: 2007
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