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Should the Central Bank Aim for Zero Inflation?

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  • Introduction

In the contemporary society inflation besides unemployment is the main problem that cripples all the economies. For many years the best economists argue what is the inflation and give their definitions to the phenomenon. Let’s see some of them. In various sources from Wikipedia to famous authors’ works we can find numerous definitions depending on the causes of inflation and methods of measuring it.So The Times with the reference to Investopedisa writes, “Inflation is the percentage change in the value of the Wholesale Price Index (WPI) on a year-on year basis”[1]. Business dictionary defines this phenomenon as a sustained, rapid increase in prices, as measured by some broad index (such as Consumer Price Index) over months or years, and mirrored in the correspondingly decreasing purchasing power of the currency.[2] From these two definitions we see that the inflation can be measured by two indicators: WPI and CPI. Besides, in addition to that competent sources use RPI (Retail Price Index). To make it easier our essay will be based on the common and clear definition that inflation is an increase in the overall price level.

[1]. Investopedia.Internet resource. Access: http://www.investopedia.com/terms/c/coreinflation.asp

[2]. Business Dictionary. Internet resource. http:// www. Businessdictionary.com/definition/inflation. html