Short- and Long-Run Price Level Uncertainty Under Different Monetary Policy Regimes: An International Comparison

30 Pages Posted: 25 Feb 2003

See all articles by Jagjit S. Chadha

Jagjit S. Chadha

University of St. Andrews - School of Management

Lucio Sarno

University of Cambridge - Judge Business School; Centre for Economic Policy Research (CEPR)

Abstract

"The course of events during the nineteenth century favored such ideas [as price stability] ... the remarkable feature of this long period was the relative 'stability' of the price level. Approximately the 'same' level of price ruled in or about the years 1826, 1841, 1855, 1862, 1867, 1871 and 1915. Prices were also level in the years 1844, 1881 and 1914 ... No wonder that we came to believe in the stability of money contracts over a long period." J.M. Keynes, 'Essays in Persuasion' (1923 [1932], pp. 88-89)

Suggested Citation

Chadha, Jagjit S. and Sarno, Lucio, Short- and Long-Run Price Level Uncertainty Under Different Monetary Policy Regimes: An International Comparison. Oxford Bulletin of Economics and Statistics, Vol. 64, pp. 183-212, 2002. Available at SSRN: https://ssrn.com/abstract=320689

Jagjit S. Chadha (Contact Author)

University of St. Andrews - School of Management ( email )

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HOME PAGE: http://www.st-andrews.ac.uk/economics/staff/pages/j.chadha.shtml

Lucio Sarno

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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