| 单词 | gradualist monetarism |
| 释义 | gradualist monetarism The policy of stabilizing inflation by gradually decreasing the growth rate of the money supply until it approaches the real growth rate of the economy. This is contrasted with the rational expectations view that with a pre-announced and credible commitment to lower the growth rate of money rapidly, stable prices could be achieved via a ‘short sharp shock’, with little delay and at no greater cost in unemployment than is entailed by a gradual monetary squeeze. One argument for the gradualist approach is that if inflation has reduced the level of real money supply balances that people want to hold, once inflation is cut this will recover. Thus it is not necessary to cut the money supply as much as the short sharp shock technique suggests. The monetary authorities do not actually know what level of real balances the economy will settle down to, and a gradual reduction in monetary growth allows them to find this out by trial and error. |
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