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- W4317767252 abstract "The idea of stabilizing the price level stems from the concern that abuse of the monetary system leads to inflation. When the Deutsche Bundesbank was founded, countering inflation was central to its monetary policy, which has become so ubiquitous today. However, there is increasing evidence that inflation targeting has not stabilised the currency and instead facilitated greater concentrations of power, indicating that these constitutional rules have been found wanting. This is particularly acute for the eurozone which has centralised power, thereby removing the ability of member states to embark on their own sufficiently expansionary monetary and fiscal policy. An alternative approach to stabilising the currency is to stabilise wages as noted by Hawtrey. This might require direct transfers from the central bank to avoid the concentrations of power driven by large interest rate movements. This approach also enables productivity gains to be passed on to workers through lower prices. A decentralised fiscal policy should also be supported to sustain employment opportunities where projects yield a positive real return." @default.
- W4317767252 created "2023-01-24" @default.
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- W4317767252 date "2022-06-09" @default.
- W4317767252 modified "2023-09-28" @default.
- W4317767252 title "Monetary Policy: The Illiberal Practice of Inflation Targeting" @default.
- W4317767252 doi "https://doi.org/10.1332/policypress/9781529225280.003.0005" @default.
- W4317767252 hasPublicationYear "2022" @default.
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