Price stability versus low inflation in Germany: An analysis of costs and benefits

Karl-Heinz Tödter and Gerhard Ziebarth

No 1997,03e, Discussion Paper Series 1: Economic Studies from Deutsche Bundesbank

Abstract: This study empirically investigates for the case of Germany the following question, recently posed by Feldstein (1996): "lf the true and fully anticipated rate of inflation has stabilized at a low level, i.e. two per cent, is the gain from reducing inflation to zero worth the sacrifice in output and employment that would be required to achieve it?" ...

Date: 1997
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