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Prospects for Output and Employment Growth with Steady Inflation

Mardi Dungey () and J. Pitchford

CEPR Discussion Papers from Centre for Economic Policy Research, Research School of Economics, Australian National University

Abstract: Monetary policy affects both real variables, such as employment, unemployment and output and nominal variables such as nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation. During a recession, or when one appears imminent, the state of real variables such as GDP growth has been a paramount consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has not been misplaced, indeed we suggest that it should be more detailed than it has been.

Keywords: EMPLOYMENT; INFLATION; PRODUCTION (search for similar items in EconPapers)
JEL-codes: E24 E31 E23 E52 (search for similar items in EconPapers)
Date: 1998
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