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The Inflation Output Trade Off
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Book Synopsis The Inflation-Output Trade-Off Revisited by : Gauti B. Eggertsson
Download or read book The Inflation-Output Trade-Off Revisited written by Gauti B. Eggertsson and published by . This book was released on 2013-05-12 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rich literature from the 1970s shows that as inflation expectations become more and more ingrained, monetary policy loses its stimulative effect. In the extreme, with perfectly anticipated inflation, there is no trade-off between inflation and output. Recent literature on the interest-rate zero lower bound, however, suggests there may be some benefits from anticipated inflation when the economy is in a liquidity trap. This study reconciles these two views by showing that while it is true that, at positive interest rates, the greater the anticipated inflation the less stimulative are the effects, the opposite holds true at the zero bound. Indeed, at the zero bound, the more the public anticipates inflation, the greater is the expansionary effect of inflation on output. This leads the authors to revisit the trade-off between inflation and output and to show how radically it changes in the face of demand shocks large enough to bring the economy into a liquidity trap. Instead of vanishing once inflation becomes anticipated, the trade-off between inflation and output increases substantially and may become arbitrarily large. In such cases, raising the inflation target in a liquidity trap can be very stimulative. Figures. This is a print on demand report.
Book Synopsis The Inflation-output Trade-off by : Weshah Razzak
Download or read book The Inflation-output Trade-off written by Weshah Razzak and published by . This book was released on 1997 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation-output Trade-offs and the Implications for Monetary Policy by : Alexander Lammertsma
Download or read book Inflation-output Trade-offs and the Implications for Monetary Policy written by Alexander Lammertsma and published by . This book was released on 1997 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Inflation-output Trade Off by : Weshah Razzak
Download or read book The Inflation-output Trade Off written by Weshah Razzak and published by . This book was released on 1995 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Output Inflation Trade-off by : Shiou-Yen Chu
Download or read book Output Inflation Trade-off written by Shiou-Yen Chu and published by . This book was released on 2011 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation/Output Variance Trade-Offs and Optimal Monetary Policy by : Jeffrey C. Fuhrer
Download or read book Inflation/Output Variance Trade-Offs and Optimal Monetary Policy written by Jeffrey C. Fuhrer and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I estimate the inflation/output-gap variance trade-off faced by monetary policymakers in the U.S. For policymakers who care about deviations of inflation around target and output around potential, the estimated trade-off represents the "optimal policy frontier." Given the structure of the economy, policymakers can do no better than to attain weighted variances of inflation and output that lie on the frontier. I find that the variance trade-off becomes quite severe when the standard deviation of inflation or output drops much below 2%. This suggests that approximately balanced responses to policy goals are consistent with reasonable preferences over inflation and output variability.
Download or read book The Output written by Miloslav S. Vošvrda and published by . This book was released on 1994 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Inflation-Output Trade-Off by : Weshah A. Razzak
Download or read book The Inflation-Output Trade-Off written by Weshah A. Razzak and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Zealand data show that the inflation-output relationship is asymmetric. This asymmetry implies that positive demand shocks tend to increase inflation by more than negative demand shocks of similar magnitudes reduce it. An important implication of this asymmetry is that a monetary authority with the objective of maintaining the inflation rate within a narrow band needs to react more promptly to demand shocks than otherwise be necessary. Alternatively, policy that is slow to respond to demand disturbances will result in higher inflation, and greater losses of output than would be the case with a linear Phillips curve.
Book Synopsis On the Output Inflation Trade-off in an Open Economy by : Mario I. Blejer
Download or read book On the Output Inflation Trade-off in an Open Economy written by Mario I. Blejer and published by . This book was released on 1979 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis What Determines the Short-Run Output-Inflation Trade-Off? by : Anthony Yates
Download or read book What Determines the Short-Run Output-Inflation Trade-Off? written by Anthony Yates and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using post-war data on 43 countries, this paper shows that the finding that the trade-off between inflation and output falls as inflation rises is quite robust. The implication is that the real effects of monetary policy might be greater as the economy moves towards price stability. The paper also looks at whether economies should approach price stability quickly or slowly and finds, in common with other research, that fast disinflations tend to cost less in terms of lost output.
Book Synopsis The Inflation-output Trade-off with Downward Wage Rigidities by : Pierpaolo Benigno
Download or read book The Inflation-output Trade-off with Downward Wage Rigidities written by Pierpaolo Benigno and published by . This book was released on 2010 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the presence of downward nominal wage rigidities, wage setters take into account the future consequences of their current wage choices, when facing both idiosyncratic and aggregate shocks. We derive a closed-form solution for a long-run Phillips curve which relates average output gap to average wage inflation: it is virtually vertical at high inflation and flattens at low inflation. Macroeconomic volatility shifts the curve outward and reduces output. The results imply that stabilization policies play an important role, and that optimal inflation may be positive and differ across countries with different macroeconomic volatility.
Book Synopsis Nonlinearity of the Inflation-output Trade-off and Time-varying Price Rigidity by : Antonia López-Villavicencio
Download or read book Nonlinearity of the Inflation-output Trade-off and Time-varying Price Rigidity written by Antonia López-Villavicencio and published by . This book was released on 2013 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The New Output-inflation Trade-off by : Carl E. Walsh
Download or read book The New Output-inflation Trade-off written by Carl E. Walsh and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Output-Inflation Trade-offs and the Optimal Inflation Rate by : Takushi Kurozumi
Download or read book Output-Inflation Trade-offs and the Optimal Inflation Rate written by Takushi Kurozumi and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Instability of the Inflation-Output Trade-Off and Time-Varying Price Rigidity by : Antonia López-Villavicencio
Download or read book Instability of the Inflation-Output Trade-Off and Time-Varying Price Rigidity written by Antonia López-Villavicencio and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the time instability of the Phillips curve by paying particular attention to the inflation environment and price stickiness. We identify various inflation episodes and investigate the changing nature of the curve across these periods for five advanced countries over 1960-2013. We show that the mean inflation, the slope of the curve and the threshold mean inflation that erodes price rigidity are time varying. The inflation environment is a key determinant of the inflation-output relationship, rejecting the evidence of a flat curve and restoring the inflation-output trade-off above certain inflation thresholds.
Book Synopsis Inflation-output Tradeoffs as Equilibrium Outcome of Globalization by : Alon Binyamini
Download or read book Inflation-output Tradeoffs as Equilibrium Outcome of Globalization written by Alon Binyamini and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between inflation and activity. Second, the same globalization forces lead the welfare-based monetary policy to be more aggressive with regard to inflation fluctuations, and at the same time, more benign with respect to the output-gap fluctuations. Third, the equilibrium response of inflation to supply and demand shocks is more moderate, and the response of the output gap to these shocks is more pronounced, when the economy opens up; under such welfare-based monetary policy.
