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Author : Michael Bruno
Publisher : Unknown
Page : 272 pages
File Size : 49,9 Mb
Release : 1995
Category : Anti-inflationary policies
ISBN : STANFORD:36105017560108
Author : Michael Bruno,William Easterly
Publisher : Unknown
Page : 64 pages
File Size : 48,8 Mb
Release : 1995
Category : Economic development
ISBN : UCSD:31822021095849
Recent literature suggests that long-run averages of growth and inflation are only weakly correlated and such correlation is not robust to exclusion of extreme inflation observations; inclusion of time series panel data has improved matters, but an aggregate parametric approach remains inconclusive. We propose a nonparametric definition of high inflation crises as periods when inflation is above 40 percent annually. Excluding countries with high inflation crises, we find no evidence of any consistent relationship between growth and inflation at any frequency. However, we find that growth falls sharply during discrete high inflation crises, then recovers surprisingly strongly after inflation falls. The fall in growth during crisis and recovery of growth after crisis tend to average out to close to zero (even slightly above zero), hence the lack of a robust cross-section correlation. Our findings could be consistent either with trend stationarity of output, in which inflation crises are purely cyclical phenomena, or with models in which crises have a favorable long-run purgative effect. Our findings do not support the view that reduction of high inflation carries heavy short-to-medium run output costs.
Author : Vikesh Gokal,Subrina Hanif
Publisher : Unknown
Page : 58 pages
File Size : 45,9 Mb
Release : 2004
Category : Economic Development
ISBN : UOM:39015060820100
Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 52,8 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950
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 : Mr.Kamiar Mohaddes,Mr.Mehdi Raissi
Publisher : International Monetary Fund
Page : 19 pages
File Size : 49,6 Mb
Release : 2014-12-15
Category : Business & Economics
ISBN : 9781484336410
This paper examines the long-run relationship between consumer price index industrial workers (CPI-IW) inflation and GDP growth in India. We collect data on a sample of 14 Indian states over the period 1989–2013, and use the cross-sectionally augmented distributed lag (CSDL) approach of Chudik et al. (2013) as well as the standard panel ARDL method for estimation—to account for cross-state heterogeneity and dependence, dynamics and feedback effects. Our findings suggest that, on average, there is a negative long-run relationship between inflation and economic growth in India. We also find statistically-significant inflation-growth threshold effects in the case of states with persistently-elevated inflation rates of above 5.5 percent. This suggest the need for the Reserve Bank of India to balance the short-term growthinflation trade-off, in light of the long-term negative effects on growth of persistently-high inflation.
Author : Ross Levine,Sara Zervos,Banco Mundial
Publisher : World Bank Publications
Page : 32 pages
File Size : 53,9 Mb
Release : 1996
Category : Aumentoa de la produccion
ISBN : 9786101919151
Author : Wing Thye Woo,Bruce Glassburner,Anwar Nasution
Publisher : World Bank Publications
Page : 236 pages
File Size : 48,6 Mb
Release : 1994-01-01
Category : Business & Economics
ISBN : 0821322125
Living Standards Measurement Studies Paper 104. The impact of children's health on their schooling success has been the focus of much research. While studies have concluded that there is a correlation between the health of the children and their performance at school, there is an increasing argument surrounding the limitations of the research. Many such studies measure schooling achievement through school attendance rates. This paper analyzes the failure of research to control for the fact that schooling and health are determined simultaneously. Such failure would lead to biased estimates. The study explores the possible biases and provides new evidence on the interrelationship between child health and schooling.
Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 374 pages
File Size : 40,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241760
In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Author : Peter J. N. Sinclair
Publisher : Routledge
Page : 402 pages
File Size : 44,7 Mb
Release : 2009-12-16
Category : Business & Economics
ISBN : 9781135179779
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.
Author : Almas Heshmati
Publisher : Springer
Page : 393 pages
File Size : 54,9 Mb
Release : 2017-05-02
Category : Business & Economics
ISBN : 9789811044519
This book is a collection of studies on economic development and growth in selected African countries. It consists of an introduction/summary and 15 inter-related empirical studies grouped into 5 research areas: women’s empowerment and demand for healthcare; the impact of institutions, aid, inflation and FDI on economic growth; capital structure and bank-loan growth effects; trade, mineral exports and exchange rate; and growth, productivity and efficiency in various industries. While it provides a comprehensive picture of the state of economic development and growth in most parts of the continent, the main focus is on economic development and growth in Ethiopia and Rwanda – two countries undergoing rapid economic and social development.
Author : Marco Gallegati,Willi Semmler
Publisher : Springer
Page : 271 pages
File Size : 51,9 Mb
Release : 2014-08-04
Category : Business & Economics
ISBN : 9783319070612
This book deals with the application of wavelet and spectral methods for the analysis of nonlinear and dynamic processes in economics and finance. It reflects some of the latest developments in the area of wavelet methods applied to economics and finance. The topics include business cycle analysis, asset prices, financial econometrics, and forecasting. An introductory paper by James Ramsey, providing a personal retrospective of a decade's research on wavelet analysis, offers an excellent overview over the field.
Author : Carmen M. Reinhart,Kenneth S. Rogoff
Publisher : Princeton University Press
Page : 513 pages
File Size : 51,7 Mb
Release : 2011-08-07
Category : Business & Economics
ISBN : 9780691152646
An empirical investigation of financial crises during the last 800 years.
Author : Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge
Publisher : World Bank Publications
Page : 513 pages
File Size : 47,5 Mb
Release : 2019-02-24
Category : Business & Economics
ISBN : 9781464813764
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.
Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Page : 298 pages
File Size : 52,6 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9783319790756
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author : Mehmet ÖZMEN
Publisher : Akademisyen Kitabevi
Page : 23 pages
File Size : 44,8 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9786052585955