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Pricestabilityandeconomicgrowth.Forachangeinthedoctrinalfoundationsofmonetarypolicy
level)and,yet,theeconomicgrowthratesnotedbythemarenoutofreach”for
theeurozonecountries,UnitedStatesandJapannotinglowinflationindicators.
re.d).Lackofnecessitytoinitiateinthefuturethepolicyofovercominginfla-
tionandincurringthecostsofthepolicyareotherargumentswhicharetorelate
pricestabilitytolong-termeconomicgrowth.ItresultsdirectlyfromtheNNS
(NewNeo-classicalSynthesis)keyviewaboutanegativeeńectofeverypricerise
(evenverymoderateinflation)onrealeconomicprocesses.Tisviewrulesoutany
initiativeoftheauthorities(forexample,expansivemonetarypolicy)tostimulate
economy,astheimmediatereactiontosuchpolicywillbeincitinginflationexpec-
tations,inflationgrowthandthennecessitytoundertakeaharmfulforeconomic
growthdisinflationprocess
22
.
Incidentally,itmustbementionedthatmonetaristsperceivedasthegreatest
advocatesofpricestability,seemednottooverestimatethecostsofachievingit
pointingtothemajoreńectofgradualrestorationofpriceequilibriumonim-
provementofmarketmechanismefciencywhich,infact,wastobeakindof
anpillow”enablingeconomynsoflanding”aferapplyinganti-inflationtreatment
postulatedbyadvocatesofthistrend.Tisviewisconfirmed,e.g.inthebehav-
iourofinflationandeconomicgrowthinBraziland,especially,inIndonesiain
theyears2001-2015(Table1),wheregradualreductionoftheaverageinflation
ratewasaccompaniedbyanincreaseintheaverageeconomicgrowthrate.Inthis
lighttheargumentaboutapositiveimpactofthenanti-inflationprophylaxis”on
long-termeconomicgrowthdoesnotseemtocomplywithmonetaristphilosophy
ortheso-calledLucascriticismformulatedinthe1970s
23
.Yet,evenignoringthe
abovementionedmonetarists’view,onemustpointtoatleasttwoaspectsańect-
ingtheassessmentoffuturecostsofpricestabilityattainmentasanalternative
withregardtothecurrentlyimplementedanti-inflationpolicy,namely:1)the
dińerencebetweenthecurrentanddesiredinflationrate,2)degreeofsociety’s
toleranceformoderateinflation.
re.1).Ifmonetaryauthoritiesdonotsetthemselvestooambitiousgoalsin
thefieldofpricestability(e.g.achievingzeroinflation),thenthefuturecostsof
moderateinflationattainmentmayturnoutrelativelylow.Tesituationcanlook
diametricallydińerentinthecasewhentheauthoritieswanttoachieveinflation
22
See:F.S.Mishkin.MonetaryPolicyStrategy…,op.cit.,pp.10-11.
23
Lucaspointedtoapossibilityofcarryingoutdisinflationatnoorslightproductionlosseswithoutun-
employmentgrowth,ifauthoritiesarecredibleenoughintheirpolicyandmanagetochangethechar-
acterofinflationexpectations,inaccordancewiththeassumedtarget.See:R.E.Lucas,Jr.Econometric
PolicyEvaluation:ACritique,in:BrunnerK.,MeltzerA.,(eds.),Cornegie-RochesterConferenceSeries
inPublicPolicy,TePhillipsCurveandLaborMarkets,Vol.1,1976,pp.19-46.
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