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CHAPTER1
Economicefectsofpricestability
-comparativeanalysisconclusions
10
Dińerentargumentsinfavourofpricestabilityarequotedineconomiclitera-
ture
5
.Teycanbedividedintoseveralgroups.Tefirstgroupcontainsarguments
relatingpricestabilitytoeconomicgrowthdynamics;argumentsregardingcost
changes,bothonamicro-andmacroscalebelongtothesecondgroup;thethird
groupincludesargumentsreferringtosavings,realincomeanditsdistribution;
eventually,groupfourcomprisesargumentsrelatingpricestabilitytodińerent
aspectsofexternalequilibrium.
1010Impactoneconomicgrowthstabilityanddynamics
Teargumentsrelatingpricestabilitytoeconomicgrowthstabilityandits
higherdynamicsarestrictlyconnectedwiththeapproachtoeconomicanalysis
representedbytrendsdrawinguponthetraditionofclassicaleconomics.Tese
interrelationswereparticularlyemphasizedbymonetarists,whomadeasortof
testofthemconfirmingrelevanceofadoptedtrendsandsolutionsinthefieldof
economicpolicyandmethodsańectingabusinesscycle.Monetarists’achieve-
mentswerecontinuedbyrepresentativesofNeo-ClassicalEconomicsandlater
5
See,forexample:B.S.Bernanke,T
.Laubach,F.S.Mishkin,andA.S.Posen.InfationTargeting.Prince-
tonUniversityPress,2001,pp.16-18;R.E.HallandD.H.Papell.Macroeconomics.EconomicGrowth,
Fluctuations,andPolicy.SixthEd.NewYork2005,pp.470-473;O.Blanchard.Makroekonomia,Oficyna
2011,p.814andonwards.
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