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Author : A. Blundell-Wignall
Publisher :
ISBN 13 :
Total Pages : 364 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation, Disinflation and Monetary Policy written by A. Blundell-Wignall and published by . This book was released on 1992 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert L. Hetzel
Publisher : Cambridge University Press
ISBN 13 : 1139470647
Total Pages : 7 pages
Book Rating : 4.1/5 (394 download)
Download or read book The Monetary Policy of the Federal Reserve written by Robert L. Hetzel and published by Cambridge University Press. This book was released on 2008-03-17 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: Details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold standard with a paper money standard, the conduct of monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the monetary standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
Author : Michael D. Bordo
Publisher : Hoover Press
ISBN 13 : 081792566X
Total Pages : 258 pages
Book Rating : 4.8/5 (179 download)
Download or read book How Monetary Policy Got Behind the Curve—and How to Get Back written by Michael D. Bordo and published by Hoover Press. This book was released on 2023-03-01 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to get back on track. They reflect a range of opinions and perspectives, including examination of the fiscal shock resulting from the COVID pandemic and the related borrowing and spending; emphasis on the value of adherence to rules versus discretion in setting Fed policy; lessons from history in the spikes in federal expenditures during times of war (including the pandemic) and in the timing of the Fed's use of its policy instruments; the role of central banks in the emerging inflation crisis; and strategies toward disinflation.
Author : J. L. Whitwell
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Disinflation with Inflation Inertia written by J. L. Whitwell and published by . This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert M. Solow
Publisher : MIT Press
ISBN 13 : 9780262692229
Total Pages : 140 pages
Book Rating : 4.6/5 (922 download)
Download or read book Inflation, Unemployment, and Monetary Policy written by Robert M. Solow and published by MIT Press. This book was released on 1998 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
Author : Leonardo Leiderman
Publisher : University of Chicago Press
ISBN 13 : 9780226471105
Total Pages : 364 pages
Book Rating : 4.4/5 (711 download)
Download or read book Inflation and Disinflation written by Leonardo Leiderman and published by University of Chicago Press. This book was released on 1993-07-15 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the early 1980s, Israel's inflation rate rose to almost 500% per year—one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman discusses why the Israeli plan worked and considers how other countries might benefit from similar policies. Even though standard economic models predict that output will drop and unemployment will rise during disinflation, Israel saw a boom in private consumption and large increases in real wages that lasted for about three years. To understand how the effects of Israeli disinflation policies defied typical expectations, Leiderman investigates how monetary fiscal policy determined Israel's runaway inflation and how the country brought its economy abruptly under control. He finds that rates of inflation and consumption depend on the public's expectations about future fiscal adjustments and that foreign trade shocks do not inevitably lead to a long-term rise in the inflation rate. His illumination of international trade and domestic policies, past and present, will interest academic economists and policymakers alike.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : David E. W. Laidler
Publisher :
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.X/5 (2 download)
Download or read book The Great Canadian Disinflation written by David E. W. Laidler and published by . This book was released on 1993 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document provides a general overview of the main problems addressed. It reviews the costs of inflation, and the costs that arise when uncertainty about politically motivated changes in inflation rates and central bank policies becomes important in citizens' thinking. It provides some theoretical background to the study of monetary policy in Canada. It also describes the disinflation experiment itself.Finally, it assesses the outcome of the experiment to date and draws lessons relevant to the conduct of monetary policy in the years ahead.
Author : Frederic S. Mishkin
Publisher : MIT Press
ISBN 13 : 0262513374
Total Pages : 561 pages
Book Rating : 4.2/5 (625 download)
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author : William Poole
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (164 download)
Download or read book Monetary Policy Lessons of Recent Inflation and Disinflation written by William Poole and published by . This book was released on 1987 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests that the interest elasticity of money demand is substantially higher than previously thought. The postwar increase of rates followed by a major decline of rates in the 1980s explains velocity behavior. The large decline in velocity almost certainly would have caused severe economic problems had the Federal Reserve not accommodated the decline through more rapid money growth. Federal Reserve policy between October 1979 and October 1982 emphasized control of money growth. Money market behavior during this period, compared to periods before and after, provides strong evidence that the market sets interest rates on the basis of a sophisticated understanding of monetary policy. The evidence makes clear that the monetary authorities cannot use interest rates to provide information on the state of the economy unless they know the extent to which interest rates reflect expectations of future monetary policy
Author : Mr.Evan C Tanner
Publisher : International Monetary Fund
ISBN 13 : 1484301145
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)
Download or read book Disinflation, External Vulnerability, and Fiscal Intransigence written by Mr.Evan C Tanner and published by International Monetary Fund. This book was released on 2017-05-22 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell’s (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate—a case of fiscal intransigence—central banks that pursue a disinflation on a ‘go it alone’ basis will cause the country’s external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace’s (1981) ‘unpleasant monetarist arithmetic,’ in these circumstances, a ‘go it alone’ policy may successfully stabilize prices and output, but only on a short-term basis.
Author : Frederic S. Mishkin
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4./5 ( download)
Download or read book From Monetary Targeting to Inflation Targeting written by Frederic S. Mishkin and published by World Bank Publications. This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience with monetary targeting suggests that although it successfully controlled inflation in Switzerland and especially Germany, the special conditions that made it work reasonably well in those two countries are unlikely to be satisfied elsewhere. Inflation targeting is more likely to improve economic performance in countries that choose to have an independent domestic monetary policy, but there are subtleties in how inflation targeting is done. Lessons from industrial countries should be useful to central banks designing a framework for monetary policy.
Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 335 pages
Book Rating : 4.:/5 (661 download)
Download or read book Disinflation written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-21 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Disinflation Disinflation is a decrease in the rate of inflation - a slowdown in the rate of increase of the general price level of goods and services in a nation's gross domestic product over time. It is the opposite of reflation. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Disinflation Chapter 2: Macroeconomics Chapter 3: Recession Chapter 4: Inflation Chapter 5: Monetarism Chapter 6: Deflation Chapter 7: Monetary policy Chapter 8: Causes of the Great Depression Chapter 9: Price stability Chapter 10: Long Depression Chapter 11: Neutrality of money Chapter 12: Reflation Chapter 13: Friedman rule Chapter 14: Inflation targeting Chapter 15: Indexed unit of account Chapter 16: Deleveraging Chapter 17: Depression of 1920-1921 Chapter 18: Constant purchasing power accounting Chapter 19: Monetary policy of the Philippines Chapter 20: Abenomics Chapter 21: Hyperinflation in the Federal Republic of Yugoslavia (II) Answering the public top questions about disinflation. (III) Real world examples for the usage of disinflation in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Disinflation.
Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 410 pages
Book Rating : 4.:/5 (661 download)
Download or read book Deflation written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-19 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%. Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Deflation Chapter 2: Macroeconomics Chapter 3: Gold standard Chapter 4: Inflation Chapter 5: Monetarism Chapter 6: Fiscal policy Chapter 7: Monetary policy of the United States Chapter 8: Monetary policy Chapter 9: Causes of the Great Depression Chapter 10: Liquidity trap Chapter 11: Disinflation Chapter 12: Real economy Chapter 13: Quantitative easing Chapter 14: Biflation Chapter 15: Monetary inflation Chapter 16: Debt deflation Chapter 17: Great Depression Chapter 18: Currency intervention Chapter 19: Bernanke doctrine Chapter 20: Lost Decades Chapter 21: Inflationism (II) Answering the public top questions about deflation. (III) Real world examples for the usage of deflation in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Deflation.
Author :
Publisher :
ISBN 13 :
Total Pages : 352 pages
Book Rating : 4.:/5 (133 download)
Download or read book Inflation, disinflation and monetary policy written by and published by . This book was released on 1992 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Efraim Sadka
Publisher : International Monetary Fund
ISBN 13 : 1451979312
Total Pages : 44 pages
Book Rating : 4.4/5 (519 download)
Download or read book Fiscal Balance During Inflation, Disinflation, and Immigration written by Efraim Sadka and published by International Monetary Fund. This book was released on 1996-04-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an overview of the role of the fiscal imbalances and the ensuing public debt in explaining major episodes in Israel’s recent economic developments. The main conclusions from the Israeli budgetary developments may have more general validity: (a) deficits lead to inflation and stopping inflation requires elimination of deficits; (b) a major effect of inflation is a large shift of the tax burden from capital to labor; and (c) shocks to labor supply, such as massive labor inflow through immigration, can be absorbed without worsening government finances, when the labor and the housing markets are sufficiently flexible.
Author : Rumen Kostadinov
Publisher : International Monetary Fund
ISBN 13 : 1513546120
Total Pages : 32 pages
Book Rating : 4.5/5 (135 download)
Download or read book Credibility Dynamics and Disinflation Plans written by Rumen Kostadinov and published by International Monetary Fund. This book was released on 2020-06-05 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans are harder to sustain: the planner recognizes that paving out future grounds with temptation leads the way for a negative drift of reputation in equilibrium. Plans that successfully create low inflationary expectations balance promises of lower inflation with dynamic incentives that make them more credible. When announcing the disinflation plan, the planner takes into account these anticipated interactions. We find that, even in the zero reputation limit, a gradual disinflation is preferred despite the absence of inflation inertia in the private economy.
