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guages article talk english read edit view history tools tools move to sidebar hide actions read edit view history general what links here related changes upload file page information get shortened url switch to legacy parser in other projects wikidata item appearance move to sidebar hide inflation you do not have permission to edit this page for the following reason this ip address range has been globally blocked this does not affect your ability to read wikipedia pages most people who see this message have done nothing wrong some kinds of blocks restrict editing from specific service providers or telecom companies in response to recent abuse or vandalism and can sometimes affect other users who are unrelated to that abuse review the information below for assistance if you do not believe that you have done anything wrong this block affects editing on all wikimedia wikis the ip address or range 5 135 0 0 16 has been globally blocked by jon kolbert for the following reason s open proxy webhost visit the faq if you are affected this block will expire on 04 29 8 january 2027 your current ip address is 5 135 42 194 even while globally blocked you will usually still be able to edit pages on meta wiki if you believe you were blocked by mistake you can find additional information and instructions in the stewards block wizard other useful links global blocks help i have been blocked you can view and copy the source of this page control of inflation monetary policy is the policy enacted by the monetary authorities most frequently the central bank of a nation to accomplish their objectives ref name palgrave lindsey d e wallich h c 2018 monetary policy in the new palgrave dictionary of economics london palgrave macmillan retrieved september 17 2023 ref among these keeping inflation at a low and stable level is often a prominent objective either directly via inflation targeting or indirectly e g via a fixed exchange rate against a low inflation currency area historical approaches to inflation control historically central banks and governments have followed various policies to achieve low inflation employing various nominal anchors before world war i the gold standard was prevalent but was eventually found to be detrimental to economic stability and employment not least during the great depression in the 1930s ref name historical for the first decades after world war ii the bretton woods system initiated a fixed exchange rate system for most developed countries tying their currencies to the us dollar which again was directly convertible to gold ref cite web title about the imf history cooperation and reconstruction 1944 1971 url https www imf org external about histcoop htm access date 17 september 2023 website www imf org ref the system disintegrated in the 1970s however after which the major currencies started floating against each other ref cite web title about the imf history the end of the bretton woods system 1972 1981 url https www imf org external about histend htm access date 17 september 2023 website www imf org ref during the 1970s many central banks turned to a money supply target recommended by milton friedman and other monetarist s aiming for a stable growth rate of money to control inflation however it was found to be impractical because of the unstable relationship between monetary aggregates and other macroeconomic variables and was eventually abandoned by all major economies ref name historical cite web title federal reserve board historical approaches to monetary policy url https www federalreserve gov monetarypolicy historical approaches to monetary policy htm website board of governors of the federal reserve system access date 17 september 2023 language en date 8 march 2018 ref in 1990 new zealand as the first country ever adopted an official inflation target as the basis of its monetary policy continually adjusting interest rates to steer the country s inflation rate towards its official target the strategy was generally considered to work well and central banks in most developed countries have over the years adapted a similar strategy ref name holdingline cite web title inflation targeting holding the line url https www imf org external pubs ft fandd basics 72 inflation targeting htm website www imf org access date 17 september 2023 ref as of 2023 the central banks of all g7 member countries can be said to follow an inflation target including the european central bank and the federal reserve who have adopted the main elements of inflation targeting without officially calling themselves inflation targeters ref name holdingline in emerging countries fixed exchange rate regimes are still the most common monetary policy ref name imf cite book last1 department first1 international monetary fund monetary and capital markets title annual report on exchange arrangements and exchange restrictions 2022 date 2023 publisher international monetary fund isbn 979 8 4002 3526 9 url https www elibrary imf org display book 9798400235269 9798400235269 xml code imf org access date 12 august 2023 language en ref fixed exchange rates main fixed exchange rate system under a fixed exchange rate currency regime a country s currency is tied in value to another single currency or to a basket of other currencies a fixed exchange rate is usually used to stabilize the value of a currency vis a vis the currency it is pegged to it can also be used as a means to control inflation if the currency area tied to itself maintains low and stable inflation however as the value of the reference currency rises and falls so does the currency pegged to it this essentially means that the inflation rate in the fixed exchange rate country is determined by the inflation rate of the country the currency is pegged to in addition a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability ref cite book last1 blanchard first1 olivier title macroeconomics a european perspective last2 amighini first2 alessia last3 giavazzi first3 francesco date 2017 publisher pearson isbn 978 1 292 08567 8 edition 3rd location harlow london new york boston san francisco toronto sydney dubai singapore hong kong tokyo seoul taipei new delhi cape town sao paulo mexico city madrid amsterdam munich paris milan chapter output the interest rate and the exchange rate ref as of 2023 denmark is the only oecd country which maintains a fixed exchange rate against the euro but it is frequently used as a monetary policy strategy in developing countries ref name imf gold standard main gold standard file two 20kr gold coins png thumb right upright 1 2 two 20 swedish krona krona gold coins from the scandinavian monetary union a historical example of an international gold standard the gold standard is a monetary system in which a region s common medium of exchange is paper notes or other monetary token that are normally freely convertible into pre set fixed quantities of gold the standard specifies how the gold backing would be implemented including the amount of bullion coin specie per currency unit the currency itself has no innate value but is accepted by traders because it can be redeemed for the equivalent value of the commodity specie a silver certificate united states u s silver certificate for example could be redeemed for an actual piece of silver under a gold standard the long term rate of inflation or deflation would be determined by the growth rate of the supply of gold relative to total output ref cite encyclopedia last bordo first michael d date 2002 url http www econlib org library enc goldstandard html title gold standard encyclopedia the concise encyclopedia of economics publisher library of economics and liberty access date september 23 2008 archive date october 5 2010 archive url https web archive org web 20101005063134 http www econlib org library enc goldstandard html url status live ref critics argue that this will cause arbitrary fluctuations in the inflation rate and that monetary policy would essentially be determined by an intersection of however much new gold was produced by mining and changing demand for gold for practical uses ref cite journal last1 barsky first1 robert b last2 delong first2 j bradford year 1991 title forecasting pre world war i inflation the fisher effect and the gold standard journal quarterly journal of economics volume 106 issue 3 pages 815 836 doi 10 2307 2937928 jstor 2937928 ref ref cite web url http www j bradford delong net politics whynotthegoldstandard html title why not the gold standard last delong first brad access date september 25 2008 archive url https web archive org web 20101018035441 http www j bradford delong net politics whynotthegoldstandard html archive date october 18 2010 ref the gold standard was historically found to make it more difficult to stabilize employment levels and avoid recessions and was eventually abandoned everywhere ref name historical ref cite web last abdel monem first tarik title what is the gold standard url http www uiowa edu ifdebook faq faq_docs gold_standard shtml publisher university of iowa center for the center for international finance and development archive url https web archive org web 20091121143147 http www uiowa edu ifdebook faq faq_docs gold_standard shtml archive date 2009 11 21 ref demurrage currency freiwirtschaft economists theorize that demurrage currency could eliminate both inflation and deflation there tends to be some interest cost that is built into the goods and services that consumers tend to purchase ref name lietaer 1990 cite journal last lietaer first bernard a date july 1990 title a strategy for a convertible currency url https folk ntnu no tronda finans others interest free money formatted pdf journal icis forum volume 20 issue 3 publisher international center for integrative studies access date 4 may 2025 ref rp p 4 so if demurrage currency eliminates interest rates then prices are less likely to increase demurrage would also naturally cause the money supply to decrease thus causing deflation if a central bank issues and monitors demurrage currency as gesell originally proposed then it could replace all the money that disappears due to demurrage by printing money at a similar rate ref name baynham 2023 cite journal url https www noemamag com what if money expired title what if money expired last baynham first jacob date 14 november 2023 website noema magazine publisher berggruen institute access date 26 april 2025 ref the money printing could create just enough inflation to cancel out the natural deflation of demurrage thus achieving an inflation target of 0 ref name sidman lecture 6 inflation cite av media last sidman first josh date 3 april 2024 title silvio gesell beyond capitalism vs socialism class 6 url https www youtube com watch v 1gjx4pcctlu t 918 time 15 18 type video language english publisher henry george school of economics access date 23 may 2025 ref inflation targeting main inflation targeting from its first inception in new zealand in 1990 direct inflation targeting as a monetary policy strategy has spread to become prevalent among developed countries the basic idea is that the central bank perpetually adjusts the bank rate to influence the country s inflation rate towards its official target changes in interest rate s affect aggregate demand aggregate supply and inflation in various ways also called the monetary transmission mechanism ref cite web title federal reserve board monetary policy what are its goals how does it work url https www federalreserve gov monetarypolicy monetary policy what are its goals how does it work htm website board of governors of the federal reserve system access date 17 september 2023 language en date july 29 2021 ref the relation between unemployment and inflation is known as the phillips curve in most oecd oecd countries the inflation target is about 2 ref cite web title inflation reports url https www cba am en sitepages mppubl aspx access date 2022 12 06 website www cba am archive date december 6 2022 archive url https web archive org web 20221206004614 https www cba am en sitepages mppubl aspx url status live ref citizens show generally a high aversion to inflation ref name z877 cite journal last1 binetti first1 alberto last2 nuzzi first2 francesco last3 stantcheva first3 stefanie title people s understanding of inflation journal journal of monetary economics volume 148 date 2024 doi 10 1016 j jmoneco 2024 103652 doi access free article number 103652 ref on average voters prefer an inflation rate around 0 ref citation title inflation preferences url https www nber org papers w32379 publisher national bureau of economic research date 2024 access date 2026 01 31 id 32379 series working paper series type working paper doi 10 3386 w32379 first1 hassan last1 afrouzi first2 alexander last2 dietrich first3 kristian last3 myrseth first4 romanos last4 priftis first5 raphael last5 schoenle doi access free ref government policy the government can prevent inflation with public policy fiscal policy and regulatory changes which increase supply or reduce demand in targeted sectors ref name u467 cite journal last tercioglu first remzi baris title a sectoral approach to measuring output gap evidence from 20 us sectors over 1948 2020 journal macroeconomic dynamics publisher cambridge university press cup volume 27 issue 4 date 2022 04 26 issn 1365 1005 doi 10 1017 s1365100522000141 pages 1115 1137 ref government budget balance tends to reduce inflation ref name z589 cite journal last1 catão first1 luis a v last2 terrones first2 marco e title fiscal deficits and inflation journal journal of monetary economics volume 52 issue 3 date 2005 doi 10 1016 j jmoneco 2004 06 003 pages 529 554 url https linkinghub elsevier com retrieve pii s0304393205000139 access date 2026 08 24 url access subscription ref another method attempted in the past have been price controls economists generally advise against the imposition of price controls due to resulting shortage s ref cite web date 2022 03 24 title why price controls should stay in the history books url https www stlouisfed org publications regional economist 2022 mar why price controls should stay history books access date 2024 09 05 website www stlouisfed org language en ref ref cite web last n a date 2022 09 27 title the economics of price controls url https www jec senate gov public index cfm republicans 2022 9 the economics of price controls access date 2024 09 05 website united states joint economic committee language en ref ref cite web date 2022 01 20 title price controls still a bad idea url https www hoover org research price controls still bad idea access date 2024 09 05 website hoover institution language en ref price controls with rationing have been used successfully in wartime environments however their use in other contexts is far more mixed notable failures of their use include nixon shock the 1972 imposition of wage and pri...