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On Credible Disinflation
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Book Synopsis On Credible Disinflation by : Mr.Jorge Roldos
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.
Book Synopsis On Credible Disinflation by : Jorge Roldós
Download or read book On Credible Disinflation written by Jorge Roldós and published by . This book was released on 2006 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.
Book Synopsis On credible disinflation by : Fondo Monetario Internacional
Download or read book On credible disinflation written by Fondo Monetario Internacional and published by . This book was released on 1993 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credibility Dynamics and Disinflation Plans by : Rumen Kostadinov
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.
Download or read book On Credible Disinflation written by and published by . This book was released on 1993 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Inertia and Credible Disinflation by : Guillermo A. Calvo
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.
Book Synopsis Credible disinflation with staggered price setting by : Carlos Balseyro Rodriguez
Download or read book Credible disinflation with staggered price setting written by Carlos Balseyro Rodriguez and published by . This book was released on 1990 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credible Disinflation Programs by : Pierre-Richard Agénor
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:
Book Synopsis Credible Disinflation with Staggered Price Setting by :
Download or read book Credible Disinflation with Staggered Price Setting written by and published by . This book was released on 1990 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credible Disinflation with Staggered Price Setting by : Laurence M. Ball
Download or read book Credible Disinflation with Staggered Price Setting written by Laurence M. Ball and published by . This book was released on 1990 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper determines the real effects of credible disinflation when price setting is staggered. The results are surprising: a fairly quick disinflation causes a boom. This finding suggests that nominal price rigidity alone does not explain why disinflation is costly in actual economies.
Book Synopsis Imperfectly Credible Disinflation Under Endogenous Time-dependent Pricing by :
Download or read book Imperfectly Credible Disinflation Under Endogenous Time-dependent Pricing written by and published by . This book was released on 2008 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real effects of an imperfectly credible disinflation depend critically on the extent of price rigidity. In this paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing rules. Both the endogenous initial degree of price rigidity and changes in the duration of price spells during disinflation play an important role in explaining the effects of imperfect credibility. We initially consider the costs of disinflation when the degree of credibility is fixed, and then allow agents to use Bayes' rule to update beliefs about the "type" of monetary authority that they face. In both cases, the interaction between the endogeneity of time-dependent rules and imperfect credibility increases the output costs of disinflation. The pattern of the output response is more realistic in the case with learning. -- Disinflation ; optimal price setting ; endogenous time-dependent pricing.
Book Synopsis Optimal State-Dependent Rules, Credibility and the Cost of Disinflation by : Marco Bonomo
Download or read book Optimal State-Dependent Rules, Credibility and the Cost of Disinflation written by Marco Bonomo and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the costs of disinflation and the role of credibility in a model where pricing rules are optimal and individual prices are rigid. Individual nominal rigidity is modeled as resulting from menu costs. The interaction between optimal pricing rules and credibility is essential in the determination of the costs of disinflation. A continued period of high inflation generates an asymmetric distribution of price deviations, with more prices that are substantially lower than their desired levels than prices that are substantially overvalued. When disinflation is not credible, inflationary inertia is engendered by this asymmetry: idiosyncratic shocks trigger more upward than downward adjustments. A perfectly credible disinflation causes an immediate change of pricing rules which, by rendering the price deviations distribution less asymmetric, practically annihilates inflationary inertia. An implication of our model is that stabilization may be successful even when credibility is absent, provided that it is preceded by a mechanism of price alignment. We also develop an analytical framework for analyzing imperfect credibility cases.
Book Synopsis Credible Disinflation with Staggered Price Seeting by : Laurence Ball
Download or read book Credible Disinflation with Staggered Price Seeting written by Laurence Ball and published by . This book was released on 1991 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transitional and Steady-state Costs of a Credible Disinflation Policy when Growth is Endogenous by : Tor Einarsson
Download or read book Transitional and Steady-state Costs of a Credible Disinflation Policy when Growth is Endogenous written by Tor Einarsson and published by . This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Backus, David Publisher :Kingston, Ont. : Institute for Economic Research, Queen's University ISBN 13 : Total Pages :23 pages Book Rating :4.:/5 (161 download)
Book Synopsis Credible Disinflation in Closed and Open Economies by : Backus, David
Download or read book Credible Disinflation in Closed and Open Economies written by Backus, David and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1986 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contracts, Credibility, and Disinflation by : Stanley Fischer
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
Book Synopsis Imperfectly Credible Disinflation Under Endogenous Time-Dependent Pricing by : Marco Bonomo
Download or read book Imperfectly Credible Disinflation Under Endogenous Time-Dependent Pricing written by Marco Bonomo and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The real effects of an imperfectly credible disinflation depend critically on the extent of price rigidity. In this paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing rules. Both the endogenous initial degree of price rigidity and changes in the duration of price spells during disinflation play an important role in explaining the effects of imperfect credibility. We initially consider the costs of disinflation when the degree of credibility is fixed, and then allow agents to use Bayes' rule to update beliefs about the “type” of monetary authority that they face. In both cases, the interaction between the endogeneity of time-dependent rules and imperfect credibility increases the output costs of disinflation. The pattern of the output response is more realistic in the case with learning.
