BIS publishes papers on monetary policy regimes and price stability
The Bank for International Settlements (BIS) has published two white papers. The first discusses monetary policy regimes and macroeconomic outcomes in Hong Kong and Singapore. The second argues that price stability may not be a good indication of economic stability.
Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore studies the relationship between macroeconomic behaviour and the monetary policy regime in Hong Kong and Singapore, using data for 1984-2004.
The BIS finds that the variability of inflation has been lower in Singapore, but the volatility of real economic activity has been similar in the two economies.
The second paper, Is price stability enough?, acknowledges the economic benefits of reducing inflation but notes that
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