Inflation as a Contested Space

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Presentation given to Attac meeting, 30 November 2013

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Inflation as a Contested Space

  1. 1. •Gerald Epstein, ‘Central banks, inflation targeting and employment creation,’ (2007)
  2. 2. • Inflation-focused monetary policy has an insidious impact on central banks and, indeed, on the whole macroeconomic policy apparatus. It creates in central banks a culture of single-minded inflation focus, or even inflation obsession.
  3. 3. • Inflation-focused monetary policy has an insidious impact on central banks and, indeed, on the whole macroeconomic policy apparatus. It creates in central banks a culture of single-minded inflation focus, or even inflation obsession. • In short, more than anything else, the cost of inflationfocused monetary regimes is the attention some of the most highly trained and skilled economists and policy makers in developing countries away from the tasks that previous generations of central bankers took for granted as being their job – to help their countries develop, to create jobs, and to foster socially productive economic growth.
  4. 4. •Central banks must balance their developmental goals with the crucial task of macroeconomic stabilization – otherwise both stabilization and development will be lost.

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