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Macroeconomic Policy in Conditions of Low, Zero or Negative Inflation (1998)

In: The Reform of Macroeconomic Policy

Author

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  • J. O. N. Perkins

    (University of Melbourne)

Abstract

Most economic analysis of macroeconomic policy during and since the Second World War has been carried out in a context of both actual and expected inflation. Indeed, for most of that period it could be said that restraining inflation was the dominant objective of macroeconomic policy. It is true that more recently the restoration of low unemployment has become in many countries (especially in continental Europe and Japan) at least as important an objective as holding down inflation. Moreover, there may be also a third objective. This may be defined as ‘maintaining an adequate but not excessive level of saving or investment at a given level of activity’. This has come to be important in one form or another (often expressed — rather inadequately — in terms of keeping down the current account deficit in the balance of payments, or of holding down the budget deficit, on some definition or other).

Suggested Citation

  • J. O. N. Perkins, 2000. "Macroeconomic Policy in Conditions of Low, Zero or Negative Inflation (1998)," Palgrave Macmillan Books, in: The Reform of Macroeconomic Policy, chapter 12, pages 178-191, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28873-7_12
    DOI: 10.1057/9780230288737_12
    as

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