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Monetary Policy and the Well-Being of the Poor

By Romer, Christina D.

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Book Id: WPLBN0000049704
Format Type: PDF eBook
File Size: 0.3 MB
Reproduction Date: 2005
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Title: Monetary Policy and the Well-Being of the Poor  
Author: Romer, Christina D.
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
Publication Date:
Publisher: The World Bank

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Romer And David H. Rome, C. D. (n.d.). Monetary Policy and the Well-Being of the Poor. Retrieved from http://hawaiilibrary.net/


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Economics

Excerpt
High inflation creates uncertainty, generates expectations of future macroeconomic instability and distortionary policies, disrupts financial markets, and creates high effective tax rates on capital. It thereby discourages investment of all types: physical capital accumulation, human capital accumulation, innovation and research and development, and foreign direct investment and technology transfer. As a result, it can retard growth. Because macroeconomic instability is also likely to discourage investment, it can have similar effects. Furthermore, to the extent that high inflation and high variability generate uncertainty about the return to productive activities and increase the scope for activities that are privately but not socially beneficial, they may lower work effort and lead to rent seeking. This can also erode a country?s average standard of living.

 

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