By Jeffrey A. Frankel, Peter R. Orszag
An exam of U.S. monetary coverage within the Nineties, through best coverage makers in addition to educational economists.
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S. Monetary Policy During the 1990s 25 raise is, after all, still a raise. Empirical studies conﬁrm that nominal wages rarely fall. This fact suggests that inﬂation may make labor markets work better. Here’s the argument. The supply and demand for different kinds of labor is always changing. Sometimes an increase in supply or decrease in demand leads to a fall in the equilibrium real wage for a group of workers. If nominal wages can’t be cut, then the only way to cut real wages is to allow inﬂation to do the job.
Keep in mind that monetary policy is not the most important determinant of these economic variables. Indeed, according to standard theory, the Fed has no ability at all to inﬂuence unemployment and real growth in the long run. What determines the long-run rates of unemployment and real growth? Unemployment is determined by labor market features, institutions, and policies, such as the demographic structure of the workforce, the bargaining power of unions, minimum-wage laws, unemployment-insurance policies, and the 1.
Although no country has yet replaced its central bankers with computers programmed to an automatic monetary rule, as the most extreme critics suggest, there has been movement away from giving central bankers unconstrained discretion. During the 1990s, many nations 42 N. Gregory Mankiw adopted some form of inﬂation targeting. In essence, inﬂation targeting is a commitment to keep inﬂation at some level or within some narrow range. S. central bank, the Fed during the 1990s avoided any type of commitment to a policy rule.
American Economic Policy in the 1990s by Jeffrey A. Frankel, Peter R. Orszag