News from Oct 29, 2012
We are pleased to announce that KFG Working Paper No. 47 "The Consolidation of the Anglo-Saxon/European Consensus on Price Stability. From International Coordination to a Rule-Based Monetary Regime" has been published.
Within the paper, the author Arie Krampf traces the emergence of a consensus among policy makers and economists regarding the desirability of very low inflation targeting and provides an alternative to the often given domestic-functional thesis.The paper employs the theory of liberal intergovernmentalism as a benchmark to explain the choice of the European and the G-5/7 countries to establish a low-inflation rule-based international monetary regime and concludes that the regime of very low inflation targeting was consolidated as a politically viable solution to a political problem rather than as an economic best practice.
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