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Inflation Distorts Relative Prices
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Book Synopsis Inflation Distorts Relative Prices by : Klaus Adam
Download or read book Inflation Distorts Relative Prices written by Klaus Adam and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a novel identification approach derived from sticky price theories with time or state-dependent adjustment frictions, we empirically identify the effect of inflation on relative price distortions. Our approach can be directly applied to micro price data, does not rely on estimating the gap between actual and flexible prices, and only assumes stationarity of unobserved shocks. Using U.K. CPI micro price data, we document that suboptimally high (or low) inflation is associated with distortions in relative prices that are highly statistically significant. At the aggregate level, fluctuations in inefficient price dispersion are sizable and covary positively with aggregate inflation. In contrast, overall price dispersion fails to covary with inflation because it is mainly driven by trends in the dispersion of flexible prices.
Book Synopsis Inflation and relative prices in an open economy by : Bengt Assarsson
Download or read book Inflation and relative prices in an open economy written by Bengt Assarsson and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relative Prices and Inflation by : Andrew M. Smith
Download or read book Relative Prices and Inflation written by Andrew M. Smith and published by . This book was released on 1996 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation, Stagflation, Relative Prices, and Imperfect Information by : Alex Cukierman
Download or read book Inflation, Stagflation, Relative Prices, and Imperfect Information written by Alex Cukierman and published by Cambridge University Press. This book was released on 2008-08-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book surveys the imperfect-information approach to inflation and its real effects. Two types of informational limitation are considered. One involves situations in which individuals have asymmetric information about the current general price level and consequently confuse relative and aggregate changes in prices. The other considers situations in which individuals cannot distinguish permanent from transitory changes as soon as they occur, creating a temporary but persistent confusion between such changes. The author presents the arguments within the context of the recent re-evaluations by economists of previously established views concerning inflation and its interaction with real phenomena.
Book Synopsis Asymmetric Information, Expectations, and the Dynamics of Inflation and Relative Prices by : B. Dianne Pauls
Download or read book Asymmetric Information, Expectations, and the Dynamics of Inflation and Relative Prices written by B. Dianne Pauls and published by . This book was released on 1982 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between Inflation and Relative Prices by : Veena Mishra
Download or read book The Relationship Between Inflation and Relative Prices written by Veena Mishra and published by . This book was released on 1988 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Relative Price Variability in the Short and Long Run by : David C. Parsley
Download or read book Inflation and Relative Price Variability in the Short and Long Run written by David C. Parsley and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new evidence that a positive association exists between inflation and relative prices and relative inflation rates in very disaggregated data for the United States over the period 1975 through 1992. There is also evidence that the response of relative prices and relative inflation rates to inflation varies inversely with the information content of a given shock to inflation. The relationship is studied from two cross-sectional perspectives using individual price series collected from forty-eight U.S. cities. Evidence on the persistence of the effects of inflation on relative prices is also presented. Results here demonstrate the absence of a long run relationship between inflation and relative price dispersion, i.e., the two series are not cointegrated. Finally, results from vector autoregressions further imply the effect is smaller than indicated by typical estimates.
Book Synopsis Relative Price Changes and the Optimal Inflation Rate by : Alexander L. Wolman
Download or read book Relative Price Changes and the Optimal Inflation Rate written by Alexander L. Wolman and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relative prices of some goods or sectors have long-run trends: For example, the price of services relative to goods has been rising fairly steadily for decades. Other relative prices do not have long-run trends but sometimes fluctuate dramatically from one period to the next. How should monetary policy behave in the face of these trends and fluctuations? I use a model with costly price adjustment to study the optimal rate of inflation when there are trends in relative prices and to construct hypothetical U.S. inflation rates that would have minimized the costs of price adjustment implied by the model.
Book Synopsis Relative Goods' Prices, Pure Inflation, and the Phillips Correlation by : Ricardo Reis
Download or read book Relative Goods' Prices, Pure Inflation, and the Phillips Correlation written by Ricardo Reis and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices to separate them into three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate relative-price changes, and an index of equiproportional changes in all inflation rates, that we label pure" inflation. The paper estimates the model on U.S. data since 1959, and it presents a simple structural model that relates the three components of price changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to answer two questions. First, what share of the variability of inflation is associated with each component, and how are they related to conventional measures of monetary policy and relative-price shocks? We find that pure inflation accounts for 15-20% of the variability in inflation while our aggregate relative-price index accounts most of the rest. Conventional measures of relative prices are strongly but far from perfectly correlated with our relative-price index; pure inflation is only weakly correlated with money growth rates, but more strongly correlated with nominal interest rates. Second, what drives the Phillips correlation between inflation and measures of real activity? We find that the Phillips correlation essentially disappears once we control for goods' relative-price changes. This supports modern theories of inflation dynamics based on price rigidities and many consumption goods.
Book Synopsis Sources of Fluctuations in Relative Prices by : John Harold Rogers
Download or read book Sources of Fluctuations in Relative Prices written by John Harold Rogers and published by . This book was released on 1991 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relative Prices as Aggregate Supply Shocks with Trend Inflation by :
Download or read book Relative Prices as Aggregate Supply Shocks with Trend Inflation written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Law and Inflation by : Keith S. Rosenn
Download or read book Law and Inflation written by Keith S. Rosenn and published by University of Pennsylvania Press. This book was released on 1982-03 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is an economic phenomenon that has profound implications for lawyers and jurists, because the great bulk of our laws and legal doctrines have been formulated on the assumption that the value of money remains relatively stable. Inasmuch as such an assumption is no longer tenable in much of the world, it threatens the operation of our most basic legal institutions. In this book, Keith Rosenn shows how inflation affects legal documents like contracts—how it distorts credit transactions, suits for damages, and laws of taxation—and he tells how current economic practices can be adapted to reduce or eliminate the impact. He explores the possibility of using a comprehensive indexation scheme for coping with inflation. Although Rosenn recognizes the deficiencies of price indexes, he considers the practical and theoretical implications of indexation. His analysis is firmly grounded in a detailed examination of the experience of countries like Argentina, Brazil, Chile, Finland, France, Germany, Israel, and Italy in adapting their legal institutions to the fact of inflation.
Book Synopsis Relative Prices, Inflation and Core Inflation by : Scott Roger
Download or read book Relative Prices, Inflation and Core Inflation written by Scott Roger and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Price Level, Relative Prices and Economic Stability by : David E. W. Laidler
Download or read book The Price Level, Relative Prices and Economic Stability written by David E. W. Laidler and published by . This book was released on 2013 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent financial instability has called into question the sufficiency of low inflation as a goal for monetary policy. This paper discusses interwar literature bearing on this question. It begins with theories of the cycle based on the quantity theory, and their policy prescription of price stability supported by lender of last resort activities in the event of crises, arguing that their neglect of fluctuations in investment was a weakness. Other approaches are then taken up, particularly Austrian theory, which stressed the banking system's capacity to generate relative price distortions and forced saving. This theory was discredited by its association with nihilistic policy prescriptions during the Great Depression. Nevertheless, its core insights were worthwhile, and also played an important part in Robertson's more eclectic account of the cycle. The latter, however, yielded activist policy prescriptions of a sort that were discredited in the postwar period. Whether these now need re-examination, or whether a low-inflation regime, in which the authorities stand ready to resort to vigorous monetary expansion in the aftermath of asset market problems, is adequate to maintain economic stability is still an open question.On 28-29 March 2003, the BIS held a conference on quot;Monetary stability, financial stability and the business cyclequot;. This event brought together central bankers, academics and market participants to exchange views on this issue (see the conference programme and list of participants in this document). This paper was presented at the conference. Also included in this publication are the comments by the discussants. The views expressed are those of the author(s) and not those of the BIS. The opening speech at the conference by the BIS General Manager and the prepared remarks of the four participants on the policy panel are being published in a single volume in the BIS Papers series.
Book Synopsis The Great Inflation by : Michael D. Bordo
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.
Author : Publisher :Cengage Learning ISBN 13 :0357723031 Total Pages :590 pages Book Rating :4.3/5 (577 download)
Download or read book written by and published by Cengage Learning. This book was released on with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
