| 词条 | Inflationary bias |
| 释义 |
Inflationary bias is the outcome of discretionary monetary policy that leads to a higher than optimal level of inflation. Depending on the way expectations are formed in the private sector of the economy, there may or may not be a transitory income increase. The term may also refer to the practice of a public debt-ridden nation enacting policies which encourage inflation in the medium/long term. ExplanationsThe Barro–Gordon model shows how the ability of government to manipulate leads to inflationary bias.[1] In this model, it is assumed that a nation will attempt to keep the unemployment rate below its natural level. This will create an inflation in wages above their natural level, which ultimately results in an overall rate of inflation that is higher than the natural rate of inflation. Traditional theories suggest that inflationary bias will exist when monetary and fiscal policy is discretionary rather than rule based. Others have suggested that the inflationary bias exists even when policy makers do not have the goal of a lower than natural rate of employment, and their policies are based on rules. PreventionBecause of the dangers of inflationary bias, several measures have been suggested to prevent it. Kenneth Rogoff proposed that states should have conservative central bankers,[2], whilst others have suggested that states should create inflationary goals, and if this inflation rate is exceeded, there should be some form of punishment for the central banker.[3]. Further reading
References1. ^{{Cite journal |last=Barro |first=Robert J. |last2=Gordon |first2=David B. |year=1983 |title=A Positive Theory of Monetary Policy in a Natural-Rate Model |journal=Journal of Political Economy |volume=91 |issue=4 |pages=589–610 |doi=10.1086/261167 }} {{economics-stub}}2. ^https://scholar.harvard.edu/files/rogoff/files/51_qje85.pdf 3. ^{{cite journal | citeseerx = 10.1.1.143.5064 | title = The Inflationary Bias in a Model of the Open Economy }} 1 : Inflation |
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