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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 Inflation in Emerging and Developing Economies by : Jongrim Ha
Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.
Book Synopsis Monetary Regimes and Inflation by : Peter Bernholz
Download or read book Monetary Regimes and Inflation written by Peter Bernholz and published by Edward Elgar Publishing. This book was released on 2015-04-30 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the characteristics of inflations and comparing historical cases from Roman times up to the modern day, this book provides an in depth discussion of the subject. It analyses the high and moderate inflations caused by the inflationary bias of
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
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.
Book Synopsis The Conquest of American Inflation by : Thomas J. Sargent
Download or read book The Conquest of American Inflation written by Thomas J. Sargent and published by Princeton University Press. This book was released on 1999 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Conquest of American Inflation, Thomas J. Sargent presents an analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
Book Synopsis The Great Inflation and Its Aftermath by : Robert J. Samuelson
Download or read book The Great Inflation and Its Aftermath written by Robert J. Samuelson and published by Random House Trade Paperbacks. This book was released on 2010-01-26 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Inflation in the 1960s and 1970s, notes award-winning columnist Robert J. Samuelson, played a crucial role in transforming American politics, economy, and everyday life. The direct consequences included stagnation in living standards, a growing belief—both in America and abroad—that the great-power status of the United States was ending, and Ronald Reagan’s election to the presidency in 1980. But that is only half the story. The end of high inflation led to two decades of almost uninterrupted economic growth, rising stock prices and ever-increasing home values. Paradoxically, this prolonged prosperity triggered the economic and financial collapse of 2008 and 2009 by making Americans—from bank executives to ordinary homeowners—overconfident, complacent, and careless. The Great Inflation and its Aftermath, Samuelson contends, demonstrated that we have not yet escaped the boom-and-bust cycles common in the nineteenth and early twentieth centuries. This is a sobering tale essential for anyone who wants to understand today’s world.
Book Synopsis The Great Demographic Reversal by : Charles Goodhart
Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
Book Synopsis Age of Inflation by : Hans F. Sennholz
Download or read book Age of Inflation written by Hans F. Sennholz and published by . This book was released on 1979 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Truth About Inflation by : Paul Donovan
Download or read book The Truth About Inflation written by Paul Donovan and published by Routledge. This book was released on 2015-03-27 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is a simple topic, in that the basic concepts are something that everyone can understand. However, inflation is not a simplistic topic. The composition of inflation and what the different inflation measures try to represent cannot be summarised with a single line on a chart or a casual reference to a solitary data point. Investors very often fail to understand the detail behind inflation, and end up making bad investment decisions as a result. The Truth About Inflation does not set out to forecast inflation, but to help improve its understanding, so that investors can make better decisions to achieve the real returns that they need. Starting with a summary of long history of inflation, the drivers of price change are considered. Many of the "urban myths" that have built up about inflation are shown to be a consequence of irrational judgement or political scaremongering. Some behaviour, like the unhealthy veneration of gold as a means of inflation protection, is shown to be the result of historical accident. In the modern era of lower nominal investment returns, inflation inequality (whereby some groups experience persistently higher inflation than others) is a very important consideration. This book sets out the realities of price changes in the modern investing environment, without using economic equations or jargon. It gives investors the framework they need to think about inflation and how to protect themselves against it, whether the aggregate inflation of the future rises or falls from current levels.
Book Synopsis Inflation, Unemployment, and Monetary Policy by : Robert M. Solow
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.
Book Synopsis What You Should Know about Inflation by : Henry Hazlitt
Download or read book What You Should Know about Inflation written by Henry Hazlitt and published by Ludwig von Mises Institute. This book was released on 1960 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of High Inflation by : Paul Beckerman
Download or read book The Economics of High Inflation written by Paul Beckerman and published by Springer. This book was released on 1991-11-13 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the complex of economic processes which sustains inflationary pressure in nations with severe inflation problems. Paul Beckerman uses an innovative approach to study the strategies inhabitants of economies with lengthy inflation experience use to maintain their purchasing power despite inflation. He examines how these tactics function as 'feedback mechanisms', economic processes by which inflation in any given time period generates inflationary pressure in subsequent periods, and how they complicate the efforts of policy-makers to achieve stabilization.
Book Synopsis Remembering Inflation by : Brigitte Granville
Download or read book Remembering Inflation written by Brigitte Granville and published by Princeton University Press. This book was released on 2013-07-28 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why we need to heed the lessons of high inflation Today's global economy, with most developed nations experiencing very low inflation, seems a world apart from the "Great Inflation" that spanned the late 1960s to early 1980s. Yet, in this book, Brigitte Granville makes the case that monetary economists and policymakers need to keep the lessons learned during that period very much in mind, lest we return to them by making the same mistakes we made in the past. Granville details the advances in macroeconomic thinking that gave rise to the "Great Moderation"—a period of stable inflation and economic growth, which lasted from the mid-1980s through the most recent financial crisis. She makes the case that the central banks' management of monetary policy—hinging on expectations and credibility—brought about this period of stability, and traces the roots of this success back to the eighteenth-century foundations of modern monetary thought. Tackling fundamental questions such as the causes of inflation and its relation to unemployment and growth, the natural rate of inflation hypothesis, the fiscal theory of the price level, and the proper goals of central banks, the book aims above all to demonstrate the dangers of forgetting the role of credibility in establishing sound monetary policy. With the lessons of the past firmly in mind, Granville presents stimulating ideas and proposals about inflation-targeting principles, which provide tools for present-day monetary authorities dealing with the forces of globalization, mercantilism, and reserve accumulation.
Book Synopsis Reducing Inflation by : Christina D. Romer
Download or read book Reducing Inflation written by Christina D. Romer and published by University of Chicago Press. This book was released on 2007-12-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.
Author :World Institute for Development Economics Research Publisher :MIT Press ISBN 13 :9780262022798 Total Pages :452 pages Book Rating :4.0/5 (227 download)
Book Synopsis Inflation Stabilization by : World Institute for Development Economics Research
Download or read book Inflation Stabilization written by World Institute for Development Economics Research and published by MIT Press. This book was released on 1988 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rampant inflation is a major economic problem in many of the less developed countries; two out of three attempts to stabilize these economies fail. Inflation Stabilization provides a valuable description and a critical analysis of the disinflation programs introduced in Argentina, Bolivia, Brazil, and Israel in 1985-86, and discusses the possibility of such a program in Mexico. It documents the initial steps in stabilization as well as the reasons for failure.As architects of the programs, several of the authors are in key positions to assess which aspects were critical in getting the programs accepted and where to look for difficulties and failures. In Israel, inflation was halted without recession. The challenge to policy makers today is in shifting from stabilization to the revival of sustained growth. This experience is described fully by Michael Bruno and Sylvia Piterman, who examine the critical issue of exchange rates, and by Alex Cukierman, who uses modeling to analyze the interaction of money, wages, prices, and activity under rational expectations that take the government's policy objectives into account.Endemic inflation and a sudden increase in external debt burden Argentina's economy, raising the wider issues of high inflation economies and stabilization that are discussed in the chapter by José Luis Machinea and that by Guido Di Tella and Alfredo Canavese.Eduardo Modiano and Mario Simonsen take up issues of wages in Brazil, particularly the problem of finding an equitable way to deal with a wage freeze; Simonsen develops an ambitious game theoretic rationalization of incomes policy as a coordinating device for imperfectly competitive economies. Bolivia did reach hyperinflation (price increases of more than 50 percent each month) before stabilizing. Juan Antonio Morales shows how stabilizing the exchange rate, in an economy where all pricing was already geared to the dollar, achieved stabilization without a wage or price freeze. And Francisco Gil Diaz asks whether an incomes-policy based program could work to control ever increasing inflation in Mexico.
Author :United States. Congress. Joint Economic Committee. Subcommittee on Consumer Economics Publisher : ISBN 13 : Total Pages :48 pages Book Rating :4.3/5 (91 download)
Book Synopsis Inflation by : United States. Congress. Joint Economic Committee. Subcommittee on Consumer Economics
Download or read book Inflation written by United States. Congress. Joint Economic Committee. Subcommittee on Consumer Economics and published by . This book was released on 1974 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Infinity of Worlds by : Will Kinney
Download or read book An Infinity of Worlds written by Will Kinney and published by MIT Press. This book was released on 2023-10-03 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happened before the primordial fire of the Big Bang: a theory about the ultimate origin of the universe. In the beginning was the Big Bang: an unimaginably hot fire almost fourteen billion years ago in which the first elements were forged. The physical theory of the hot nascent universe—the Big Bang—was one of the most consequential developments in twentieth-century science. And yet it leaves many questions unanswered: Why is the universe so big? Why is it so old? What is the origin of structure in the cosmos? In An Infinity of Worlds, physicist Will Kinney explains a more recent theory that may hold the answers to these questions and even explain the ultimate origins of the universe: cosmic inflation, before the primordial fire of the Big Bang. Kinney argues that cosmic inflation is a transformational idea in cosmology, changing our picture of the basic structure of the cosmos and raising unavoidable questions about what we mean by a scientific theory. He explains that inflation is a remarkable unification of inner space and outer space, in which the physics of the very large (the cosmos) meets the physics of the very small (elementary particles and fields), closing in a full circle at the first moment of time. With quantum uncertainty its fundamental feature, this new picture of cosmic origins introduces the possibility that the origin of the universe was of a quantum nature. Kinney considers the consequences of eternal cosmic inflation. Can we come to terms with the possibility that our entire observable universe is one of infinitely many, forever hidden from our view?
