Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Disinflation Policy And Credibility full books in PDF, epub, and Kindle. Read online Disinflation Policy And Credibility ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Pieter Hasekamp
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Disinflation Policy and Credibility written by Pieter Hasekamp and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stanley Fischer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (874 download)
Download or read book Contracts, Credibility, and Disinflation written by Stanley Fischer and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates of the cost of disinflation made before the recent reduction in the inflation rate varied widely. Estimates were made in terms of the sacrifice ratio -- the percentage points of GNP at an annual rate lost per percentage point reduction in the inflation rate. At one extreme it was argued thata resolute and credible monetary policy could reduce inflation virtually costlessly. At the other extreme were estimates that the sacrifice ratio exceeded 10. Costless immediate disinflation is not possible in an economy with long-term labor contracts. This paper sets out a simple contracting model of wage and output determination and uses it to calculate sacrifice ratios for a disinflation program, under the assumption that announced policy changes are immediately believed. Under this assumption disinflation with a structure of labor contracts like those of the United States would be less costly than typically estimated.The model is then modified to allow for the slow adjustment of expectations of policy to actual policy; sacrifice ratios then approach the ranges typically estimated. The sacrifice ratio for the current disinflation is calculated in the last section: the current disinflation was somewhat more rapid and less costly than previous estimates suggested. The calculated sacrifice ratio is consistent with the predictions of the simple contracting model
Author : Pierre-Richard Agénor
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book Credible Disinflation Programs written by Pierre-Richard Agénor and published by . This book was released on 1993 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jorge Roldos
Publisher : International Monetary Fund
ISBN 13 : 1451851340
Total Pages : 26 pages
Book Rating : 4.4/5 (518 download)
Download or read book On Credible Disinflation written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 1993-11-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of a credible, gradual exchange rate based disinflation program in a two sector economy. After an initial real exchange rate depreciation, the reductions in the rate of devaluation reduce the monetary wedge generated by a cash in advance constraint, leading to a gradual increase in absorption that yields progressive real exchange rate appreciations and current account deficits. An initial boom in economic activity is not followed by a later contraction, as labor supply expands during the whole length of the program.
Author : Guillermo A. Calvo
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Inertia and Credible Disinflation written by Guillermo A. Calvo and published by . This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a model of inflation inertia based on optimizing forward looking staggered price setting in a small open economy. Unlike in current models 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. There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. For reasonable parameter values inflation stabilization improves welfare. The optimal steady state is reached at the Friedman rule. Technical appendices are available at www.nber.org/data-appendix/w9557/ inert-techapp.pdf.
Author : Antúlio Neves Bomfim
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Opportunistic and Deliberate Disinflation Under Imperfect Credibility written by Antúlio Neves Bomfim and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John F. Boschen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Ex Ante Credibility of Disinflation Policy and the Cost of Reducing Inflation written by John F. Boschen and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains an empirical study of the effects of credibility on the cost of disinflation. The analysis is based on a dataset comprised of seventy-two disinflation episodes from 19 OECD countries. We measure the "ex ante credibility" of a disinflation episode as the probability of a successful disinflation conditional on economic and political factors known to private agents on the eve of the disinflation. Under a variety of empirical specifications we find that more credible disinflations are associated with smaller losses in aggregate output.
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
ISBN 13 : 1451850484
Total Pages : 23 pages
Book Rating : 4.4/5 (518 download)
Download or read book Credibility Effects of Price Controls in Disinflation Programs written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1992-10-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether price controls may enhance the credibility of a disinflation program, using a framework in which agents behave strategically. The analysis indicates that a partial price freeze is not fully credible, and may result in inflation inertia. The authorities may be able to determine optimally the intensity of price controls so as to minimize the policy loss associated with a discretionary monetary strategy. But the optimal intensity of controls is shown to be significantly different from zero only if the cost of enforcing price ceilings is not too high, or if the weight attached to price distortions in the policymaker’s loss function is small.
Author : Mr.Carlo Cottarelli
Publisher : International Monetary Fund
ISBN 13 : 1451969333
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)
Download or read book Inflation, Credibility, and the Role of the International Monetary Fund written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1998-09-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that many developing countries may find it difficult to buttress disinflation programs purely through the adoption of traditional credibility-enhancing devices (such as monetary anchors and central bank independence), owing to “technical problems” (for example, high instability of money demand, increased capital mobility) and an insufficient endowment of credibility in the political institutions. In these cases, borrowing credibility from an outside agency like the International Monetary Fund may be the most effective solution. The paper discusses the different options that would allow the Fund to support programs aimed not at external adjustment—the Fund’s traditional role—but at disinflation.
Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451949480
Total Pages : 34 pages
Book Rating : 4.4/5 (519 download)
Download or read book Models of Inflation and the Costs of Disinflation written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1991-10-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first analytically in a simple theoretical model, then by simulation of a global, multi-region empirical model. The credibility of a preannounced path for money consistent with the lowest output loss is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency.
Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 1451855028
Total Pages : 24 pages
Book Rating : 4.4/5 (518 download)
Download or read book Evaluating Policy Rules Under Imperfect Credibility written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1991-12-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluation of policy rules using empirical macroeconomic models is usually done on the assumption that the rules are perfectly credible. However, there are usually circumstances that cause the authorities to abandon any given rule. The public's expectations reflect this possibility. In the paper, credibility is assumed to depend on the probability that the authorities will abandon a rule because the resulting utility exceeds that from maintaining the rule. Simulations of a disinflation policy leading to price stability are presented. Its credibility varies over time, depending on the paths for output and inflation.
Author : Pierre-Richard Agénor
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)
Download or read book Credibility Effects of Price Controls in Disinflation Programs written by Pierre-Richard Agénor and published by . This book was released on 1992 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jorge Roldos
Publisher : International Monetary Fund
ISBN 13 : 1451954425
Total Pages : 36 pages
Book Rating : 4.4/5 (519 download)
Download or read book Supply-Side Effects of Disinflation Programs written by Mr.Jorge Roldos and published by International Monetary Fund. This book was released on 1994-07-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the short-run and long-run supply-side effects of disinflation programs in a two-sector economy. Fixing the exchange rate reduces the wedge between the return on foreign assets and that on domestic capital, leading to an increase in the latter. After an initial real exchange rate appreciation and increase in the production of nontradables—due to a consumption boom—the new capital is gradually installed in the tradable sector. During this transitional period, further real appreciation takes place—as the expansion of the tradable sector pulls labor away from the nontradable sector—together with investment-driven deficits in the current account. We conclude that when appreciation and deficits are due to supply-side rigidities, rather than to credibility and/or price stickiness, no further policies (i.e., capital controls, incomes policies) are advisable.
Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Download or read book Inflation Targeting Under Imperfect Policy Credibility written by and published by . This book was released on 2009 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sweder Van Wijnbergen
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (112 download)
Download or read book Monopolistic Competition, Credibility and the Output Costs of Disinflation Programs written by Sweder Van Wijnbergen and published by . This book was released on 1987 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brazil, Argentina and Israel all used price controls as part of disinflation programs in 1985-1986. In each case they were intended to break an "inertial" component of inflation. This paper focuses on a specific mechanism through which inflation inertia can emerge: the interaction between lack of credibility of government monetary policy announcements and the price setting behavior of forward looking firms. We show that this interaction can lead to inertia extending well beyond the price setting period; that is important since the price setting period is likely to be short in high inflation economies. We develop an open economy macromodel in which firms set prices before uncertainty about government monetary policy is resolved. Lack of credibility is then shown to lead to output losses during a disinflation program. We demonstrate the effects of price controls and show that their temporary use can be defended on welfare grounds. The paper analyzes asset price behavior during disinflation programs with and without price controls and the influence of credibility problems. We discuss nominal and real interest rates, the stock market and exchange rates. Finally we show that if past government policy has any information content about future government policy, cheating on current announcements of tight policy buys current employment gains during the price control period at the cost of higher inflation afterwards. Sustaining low inflation after the price control period thus requires restrictive monetary policy during the price control period
Author : Mr.Mark P. Taylor
Publisher : International Monetary Fund
ISBN 13 : 1451853254
Total Pages : 33 pages
Book Rating : 4.4/5 (518 download)
Download or read book Testing for Credibility Effects written by Mr.Mark P. Taylor and published by International Monetary Fund. This book was released on 1991-11-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable" is proposed. The methodology is then used to test for the existence of a credibility effect in the Cruzado stabilization plan implemented in Brazil in 1986.
