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Article: Between The Lines: Low inflation and price stability may not be the panacea of economic ills

Article from:
The Scotsman
Article date:
May 31, 2006
Author:
Copyright

CONSIDER a mystery worthy of Dan Brown. World equity markets continue to go up and down like yo-yos and the dollar is sinking, yet the underlying macroeconomic framework has rarely been so secure. True, the US has a large trade deficit but the global economy has been growing strongly for years thanks to a sensible monetary strategy pursued by independent central banks which has tamed the dragon of inflation. So why all the jitters?

Could it be that the sound monetary policies of the past 15 years or so, which have brought about this bedrock price stability, are flawed in some way? Is there a secret destructive code lurking away in the determination of the Fed, the Bank of England and the ...

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