Papers presented at a NBER conference held at the Federal Reserve Bank of New York on Feb. 20-21, 1997.

Capital income taxes and the benefit of price stability / Martin Feldstein -- Price stability versus low inflation in Germany: an analysis of costs and benefits / Karl-Heinz Tödter and Gerhard Ziebarth -- A cost-benefit analysis of going from low inflation to price stability in Spain / Juan J. Dolado, José M. González-Páramo, and José Viñals -- Some costs and benefits of price stability in the United Kingdom / Hasan Bakhshi, Andrew G. Haldane, and Neal Hatch -- Inflation and the user cost of capital: does inflation still matter? / Darrel Cohen, Kevin A. Hassett, and R. Glenn Hubbard -- Excess capital flows and the burden of inflation in open economies / Mihir A. Desai and James R. Hines Jr. -- Identifying inflation's grease and sand effects in the labor market / Erica L. Groshen and Mark E. Schweitzer -- Does inflation harm economic growth? evidence from the OECD / Javier Andrés and Ignacio Hernando.