Less Than Zero
In several countries, allowing for some positive bias in popular inflation measures, zero inflation itself is now close to being the status quo. That is a great accomplishment in its own right. But its full benefits will not be grasped unless we recognize it as a stepping-stone towards something even better. In less than zero, Selgin argues that monetary policy should not have the goal of price stability, but should aim to allow prices to move in-line with movements in productivity. Radical and contrarian, this hugely original book remains a mini-classic.
Praise for Less Than Zero
"Selgin's monograph should become required reading for every central banker."
— David Beckworth, Senior Research Fellow with the Program on Monetary Policy at the Mercatus Center
"In Less Than Zero, George Selgin cuts through the confusions that govern most thinking about monetary policy. It changed my thinking about deflation and inflation when it was first published, and it may do the same for yours."
— Ramesh Ponnuru, Senior Editor, National Review