The Cost Of Disinflation: The Sacrifice Ratio

Nadeem Haque and Abdul Jalil
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Abdul Jalil: Pakistan Institute of Development Economics

No 2020:2, PIDE Knowledge Brief from Pakistan Institute of Development Economics

Abstract: Price stability is an imperative in economics. Independent central banks have therefore been encouraged by the IMF in all countries with a clear mandate to achieve a low inflation target. It is well accepted that long run sustained growth requires a stable low inflation environment (Barro, 1996 and Feldstein, 1996). Curbing inflationary pressures is not costless. The tradeoff between growth and inflation is well known ever since the famous Phillips curve.

Keywords: Disinflation; Scrifice Ratio (search for similar items in EconPapers)
Pages: 6 pages
Date: 2020
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