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Author: J. Ahmad
Publisher: Springer
ISBN: 1349174742
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
Author: J. Ahmad
Publisher: Springer
ISBN: 1349174742
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
Author: Rudiger Dornbusch
Publisher: Princeton Univ International Economics
ISBN: 9780881650723
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
Author: Mr.M. F. Bleaney
Publisher: International Monetary Fund
ISBN: 1451848889
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for OECD countries. After allowing for the upward bias to persistence estimates created by shifts in mean inflation, the paper finds persistence has a greater spread (but not a higher mean) in the floating-rate period, as predicted by theory. Monetary growth has been much less accommodative of inflation under floating rates, most probably because of the shifts in monetary policy rather than those in exchange rate regime.
Author: Mr.Carlo Cottarelli
Publisher: International Monetary Fund
ISBN: 1451844018
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
This paper explains inflation performance in a sample of industrial and transition economies by looking at policymakers’ incentives to inflate the economy, and the perceived costs of disinflation. It finds a significant effect of fiscal deficits on inflation, particularly (but not exclusively) in countries where the government securities market is not well developed. Other factors with significant effect on inflation include relative price changes, central bank independence, the exchange rate regime, and the degree of price liberalization; there is only limited evidence that other structural factors, such as those influencing the natural rate of unemployment, have a significant effect on inflation.
Author: Mr.Vincent Hogan
Publisher: International Monetary Fund
ISBN: 1451856512
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
Low rates of inflation have been recorded in recent years, despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in the structure of the economy leading to a lower NAIRU. The paper suggests that, while the NAIRU may have fallen slightly, it has not fallen by an amount sufficient to explain the recent behavior of inflation. A leading explanation for recent inflation performance appears to be favorable price shocks; in particular, the cost of imports has fallen sharply as the dollar has appreciated.
Author: Guillermo Calvo
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated with significant output losses in nontradables There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. Gains exceed losses for most calibrations. The optimal steady state is the Friedman rule.
Author: Jaleel Ahmad
Publisher: Palgrave Macmillan
ISBN: 9780312296476
Category : Business & Economics
Languages : en
Pages : 259
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Author: Mr.Eric Parrado
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451921892
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
This paper provides a simple dynamic neo-Keynesian model that can be used to analyze the impact of monetary policy that considers inflation targeting in a small open economy. This economy is characterized by imperfect competition and short-run price rigidity. The main findings of the paper are that, depending on what shocks affect the economy, the effects of inflation targeting on output and inflation volatility depend crucially on the exchange rate regime and the inflation index being targeted. First, in the presence of real shocks, flexible exchange rates dominate managed exchange rates, while for nominal shocks the reverse is true. Second, domestically generated inflation targeting is preferable to CPI inflation targeting, because the former is more stabilizing not only in relation to both measures of inflation, but also to the output gap and the real exchange rate. Finally, flexible inflation targeting outperforms strict inflation targeting in terms of welfare.
Author: Assar Lindbeck
Publisher: North-Holland
ISBN:
Category : Business & Economics
Languages : en
Pages : 356
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Author: Frederic S. Mishkin
Publisher:
ISBN:
Category : Anti-inflationary policies
Languages : en
Pages : 596
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Book Description
