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Author : Guillermo Calvo
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Stabilization and Nominal Anchors written by Guillermo Calvo and published by . This book was released on 1992 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Guillermo A. Calvo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (134 download)
Download or read book Inflation Stabilization and Nominal Anchors written by Guillermo A. Calvo and published by . This book was released on 1992 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
ISBN 13 : 1451848102
Total Pages : 41 pages
Book Rating : 4.4/5 (518 download)
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1994-05-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author : Andrés Solimano
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4./5 ( download)
Download or read book Price Formation, Nominal Anchors, and Stabilization Policies in Hungary written by Andrés Solimano and published by World Bank Publications. This book was released on 1993 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert P. Flood
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (129 download)
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Robert P. Flood and published by . This book was released on 2006 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author : Mr.A. Javier Hamann
Publisher : International Monetary Fund
ISBN 13 : 1451855362
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
Download or read book Exchange-Rate-Based Stabilization written by Mr.A. Javier Hamann and published by International Monetary Fund. This book was released on 1999-10-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
Author : Robert P. Flood
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (111 download)
Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Robert P. Flood and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review, in the context of a variety of models, some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author : Sebastian Edwards
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book Exchange Rates as Nominal Anchors written by Sebastian Edwards and published by . This book was released on 1992 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the use of nominal exchange rates as nominal anchors in stabilization programs. The first part deals with the dynamics of inflation in highly indexed economies. It is shown that credible exchange rate anchors will reduce the degree of inflationary inertia. However, if some residual inertia is maintained in some contracts, real exchange rate overvaluation will result. Data from Chile, Mexico and Yugoslavia are used to test the implications of the model. The second part deals with the long run, and uses a 56 countries data set to investigate whether fixed exchange rates have been associated with greater financial discipline.
Author : Mr.Guillermo Calvo
Publisher : International Monetary Fund
ISBN 13 : 1451849915
Total Pages : 34 pages
Book Rating : 4.4/5 (518 download)
Download or read book Exchange-Rate-Based Stabilization under Imperfect Credibility written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1991-08-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the inflation rate, with no effect on output or consumption. In contrast, a non-credible stabilization results in an initial expansion of output, followed by a later recession. The inflation rate of home goods remains above the rate of devaluation throughout the program, thus resulting in a sustained real exchange rate appreciation.
Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 88 pages
Book Rating : 4./5 ( download)
Download or read book Inflationary Rigidities and Stabilization Policies written by and published by World Bank Publications. This book was released on with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Bruno
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book High Inflation and the Nominal Anchors of an Open Economy written by Michael Bruno and published by . This book was released on 1991 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: A high inflation process is usually due to a real imbalance and cannot be cured without a correction of real furamenta1s. Yet it can be characterized as a quasi-stable nominal process which gets divorced from the real system in what Patinkin could call a valid classical dichotomy. This paper extends the existing seignorage model approach to multiple inflationary equilibria by rationalizing a high inflation equilibrium as well as its stability as the outcomes of sub-optimization by a 'soft' government. It considers the advantages as well as the weaknesses of using the exchange rate as the key nominal anchor in the various stages of stabilization to low (or zero) inflation. Finally the rationale for using multiple nominal anchors is also discussed. Applications of the theoretical arguments are illustrated from recent high inflation and stabilization experience.
Author : Miguel Alberto Kiguel
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4./5 ( download)
Download or read book The Business Cycle Associated with Exchange-rate-based Stabilization written by Miguel Alberto Kiguel and published by World Bank Publications. This book was released on 1990 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disinflation programs in chronic inflation countries do not normally follow the usual Phillips curve tradeoff in the medium run. Instead of having a sharp recession in the early stage of stabilization, there often is an initial expansion of output followed by a recession and balance of payments difficulties. This pattern is related to programs that use the exchange rate as an instrument of disinflation.
Author : Guillermo A. Calvo
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Stabilization and BOP Crises in Developing Countries written by Guillermo A. Calvo and published by . This book was released on 1999 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: High and persistent inflation has been one of the distinguishing macroeconomic characteristics of many developing countries since the end of World War II. Countries afflicted by chronic inflation, however, have not taken their fate lightly and have engaged in repeated stabilization attempts. More often than not, stabilization plans have failed. The end of stabilizations -- particularly those which rely on a pegged exchange rate -- has often involved dramatic balance of payment crises. As stabilization plans come and go, a large literature has developed trying to document the main empirical regularities and understand the key issues involved. This paper undertakes a critical review and evaluation of the literature related to inflation stabilization policies and balance of payment crises in developing countries.
Author : Mr.Guillermo Calvo
Publisher : International Monetary Fund
ISBN 13 : 1451945582
Total Pages : 48 pages
Book Rating : 4.4/5 (519 download)
Download or read book Credibility and the Dynamics of Stabilization Policy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-11-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.
Author : Piero S. Ghezzi
Publisher :
ISBN 13 :
Total Pages : 250 pages
Book Rating : 4.:/5 (34 download)
Download or read book Essays on Exchange Rate-based Stabilization and Inflation Convergence written by Piero S. Ghezzi and published by . This book was released on 1997 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Jian-Ye Wang
Publisher : International Monetary Fund
ISBN 13 : 1451848668
Total Pages : 35 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Georgian Hyperinflation and Stabilization written by Mr.Jian-Ye Wang and published by International Monetary Fund. This book was released on 1999-05-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper anlayzes the Georgian hyperinflation of 1993-94, which featured endogenous fiscal expenditures and the money supply, depreciation, and currency substitution. Hyperinflation was stopped by removing generalized consumer subsidies and tightening of monetary policy, and not by a sudden rush of credibility or imposition of an exchange rate anchor. A de facto exchange rate anchor served ex post as a vehicle for building credibility, which ensured a dramatic reversal of currency substitution when the currency reform was implemented. The paper also discusses the relatively rapid output recovery in Georgia.
Author : Mr.Alexander W. Hoffmaister
Publisher : International Monetary Fund
ISBN 13 : 1451852215
Total Pages : 46 pages
Book Rating : 4.4/5 (518 download)
Download or read book Disinflation and the Recession-Now-Versus-Recession-Later Hypothesis written by Mr.Alexander W. Hoffmaister and published by International Monetary Fund. This book was released on 1995-10-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Both analytical models and casual empiricism suggest that the timing of the recessionary costs associated with inflation stabilization in chronic inflation countries may depend on the nominal anchor which is used. Under money-based stabilization, the recession occurs at the beginning of the program, while under exchange rate-based stabilization the recession occurs later in the program. This paper provides a first attempt to formally test this hypothesis using a vector-autoregression model for Uruguay. The impulse response of output to different stabilization policies is broadly consistent with the “recession-now-versus-recession-later” hypothesis. The evidence also suggests, however, that the effectiveness of a monetary anchor in reducing inflation is hindered by the high degree of dollarization of the Uruguayan economy.
