Should governments learn to live with inflation? Reply

Article Abstract:

A 1989 model illustrates how policymakers in economies with low inflation traditionally have been opposed to economists' recommendations regarding indexation policies. The two models presented by Jonas Agell and Bengt-Christer Ysander in 1993 suggest that inflation control results in a reduction in economic welfare, but that is not necessarily true. The researchers place more emphasis on their second model, which illustrates that the inflation rate falls when the union and the government receive fewer benefits from higher inflation. The model's objective functions are unconvincing.

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Stabilization and economic reform in Russia

Article Abstract:

The former Soviet Union is undergoing a major change, which is unique in world economic history, which has structural roots, and interconnected problems, and both liberalization and aid from the West are important for making the transition successful. State run enterprises need to be privatized, a process involving a thoroughgoing structural reform, and stabilization is also an important goal. Any policy should be geared to the long term, and this includes western aid.

AGRICULTURAL PRODUCTION--CROPS, WHOLESALE TRADE--DURABLE GOODS, AGRICULTURAL PRODUCTION--LIVESTOCK, Case studies, Russia, Privatization, Privatization (Business)

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Should governments learn to live with inflation? Comment

Article Abstract:

Stanley Fischer and Lawrence Summers, in a 1989 study, indicated that policymakers should be suspicious of using indexation policies to control the effects of inflation. This theory is appropriate for use in economies with a decentralized wage-setting process. Governments could benefit from improved protection from inflation in economies that have wage-setters behaving in a strategic manner.

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