Il livello dei prezzi e la politica monetaria (The Price Level and Monetary Policy)

Charles P. Kindleberger


Most central banks are required or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is what index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as food and energy, to produce a core index, plus others such as housing, including or without imputed rent of owner-occupied houses, or assets, whether equities or houses. No obvious and widely agreed index exists. Even if there were a clear choice, there remains a question whether a central bank should carefully consider action to achieve other goals: full employment, adjustment of the balance of payments, of the exchange rate, prevention of bubbles in asset prices, or recovery from financial crises. If so, the question of central bank weapons remains: monetary expansion or contraction, credit controls, overall or for particular purposes, and moral suasion.



JEL Codes: E31, E52

Keywords: Cost of Living, Interest Rates, Interest; Monetary Policy, Monetary, Policy, Price Level, Prices

Parole chiave

Cost of Living; Interest Rates; Interest; Monetary Policy; Monetary; Policy; Price Level; Prices

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Copyright (c) 2016 Charles P. Kindleberger

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ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009