Joseph Stiglitz's research while affiliated with Stanford University and other places

Publication (1)

Article
This Tinbergen lecture addresses two issues. The first concerns the principles of monetary policy in a low-inflation environment. The second, more fundamental, issue concerns the institutional arrangements by which monetary policy is set in a democratic society. Three conclusions are drawn: (1) Monetary policy matters. Despite some major mistakes,...

Citations

... However, the only result of increased money supply would be higher prices, if the central bank is not independent enough to resist political pressure to increase inflation. This model also assumes that public demand will create an incentive for politicians to stimulate the economy before the elections in order to enjoy the short-term benefits of reducing unemployment, knowing that the long-term costs of rising inflation will only be realized after the elections (Stiglitz, 1998). ...