The Role of Policymakers in Business Cycle Fluctuations

Book Name : The Role of Policymakers in Business Cycle Fluctuations

By by Jim Granato, M. C. Sunny Wong

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Written by : by Jim Granato, M. C. Sunny Wong

Subject Category : Economics

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This book's central theme is that a policymaker's role is to enhance the public's ability to coordinate their price information, price expectations, and economic activities. This role is fulfilled when policymakers maintain inflation stability. Inflation persists less when an implicit or explicit inflation target is met. Granato and Wong argue that inflation persistence is reduced when the public substitutes the prespecified inflation target for past inflation. A by-product of this co-ordination process is greater economic stability. In particular, inflation stability contributes to greater economic output stability, including the potential for the simultaneous reduction of both inflation and output variability - inflation-output co-stabilization (IOCS). Granato and Wong use historical, formal, and applied statistical analysis of business-cycle performance in the United States for the 1960 to 2000 period. They find that during periods when policymakers emphasize inflation stability, inflation uncertainty and persistence were reduced. Cambridge University Press; March 2006 ISBN 9780511166822 Read online, or download in secure PDF format Title: The Role of Policymakers in Business Cycle Fluctuations Author: Jim Granato; M. C. Sunny Wong Imprint: Cambridge University Press Subject categories Economics > Industries. Land use. Labor > Labor. Work. Working class > By region or country Economics > Industries. Land use. Labor > Economic growth, development, planning Political Science > Economic Policy Business > Economics Business > Finance Business > Management Social Sciences ISBNs 0511166826 9780521860161 9780511166822 In The Press Review of the hardback: '… this book is an impressive exercise in theoretical and applied political economy. … the closely interwoven uses of formal, historical and econometric empirical analyses help to make a strong case for the author's arguments.' Journal of Public Policy

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Economics - Industries. Land use. Labor - Labor. Work. Working class - By region or country Economics - Industries. Land use. Labor - Economic growth, development, planning Political Science - Economic Policy Business - Economics Business - Finance Business - Management Social Sciences

ISBN

0511166826 - 9780521860161 - 9780511166822

In The Press:

Review of the hardback: '… this book is an impressive exercise in theoretical and applied political economy. … the closely interwoven uses of formal, historical and econometric empirical analyses help to make a strong case for the author's arguments.' Journal of Public Policy

Imprint

Cambridge University Press