The New Inflation

Author : Peter J. N. Sinclair
Publisher : Routledge
Page : 402 pages
File Size : 48,5 Mb
Release : 2009-12-16
Category : Business & Economics
ISBN : 9781135179779

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Inflation Expectations by Peter J. N. Sinclair Pdf

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 : Willard Long Thorp,Richard E. Quandt
Publisher : Unknown
Page : 444 pages
File Size : 53,6 Mb
Release : 1959
Category : Inflation (Finance)
ISBN : WISC:89038502001

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The New Inflation by Willard Long Thorp,Richard E. Quandt Pdf

Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 43,8 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950

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The Great Inflation by Michael D. Bordo,Athanasios Orphanides Pdf

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 : Jordi Galí
Publisher : Princeton University Press
Page : 295 pages
File Size : 49,7 Mb
Release : 2015-06-09
Category : Business & Economics
ISBN : 9781400866274

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Monetary Policy, Inflation, and the Business Cycle by Jordi Galí Pdf

The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Author : Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge
Publisher : World Bank Publications
Page : 513 pages
File Size : 48,6 Mb
Release : 2019-02-24
Category : Business & Economics
ISBN : 9781464813764

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Inflation in Emerging and Developing Economies by Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge Pdf

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 : Barry P. Bosworth,Robert Z. Lawrence
Publisher : Brookings Institution Press
Page : 215 pages
File Size : 42,9 Mb
Release : 1982
Category : Business & Economics
ISBN : 081571033X

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Commodity Prices and the New Inflation by Barry P. Bosworth,Robert Z. Lawrence Pdf

Author : Charles Goodhart,Manoj Pradhan
Publisher : Springer Nature
Page : 260 pages
File Size : 48,9 Mb
Release : 2020-08-08
Category : Business & Economics
ISBN : 9783030426576

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The Great Demographic Reversal by Charles Goodhart,Manoj Pradhan Pdf

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.

Author : Dominique Clément
Publisher : Wilfrid Laurier Univ. Press
Page : 200 pages
File Size : 42,8 Mb
Release : 2018-10-18
Category : Political Science
ISBN : 9781771122764

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Debating Rights Inflation in Canada by Dominique Clément Pdf

Human rights has become the dominant vernacular for framing social problems around the world. In this book, Dominique Clément presents a paradox in politics, law, and social practice: he argues that whereas framing grievances as human rights violations has become an effective strategy, the increasing appropriation of rights-talk to frame any and all grievances undermines attempts to address systemic social problems. His argument is followed by commentator response from several leading human rights scholars and practitioners in Canada and abroad who bridge the divide between academia, public policy, and practice.

Author : George Leland Bach
Publisher : Unknown
Page : 103 pages
File Size : 50,9 Mb
Release : 1973
Category : Electronic
ISBN : OCLC:491988283

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The New Inflation by George Leland Bach Pdf

Author : George Leland Bach
Publisher : Providence : Brown University Press
Page : 124 pages
File Size : 45,5 Mb
Release : 1973
Category : Business & Economics
ISBN : STANFORD:36105041105003

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The New Inflation: Causes, Effects, Cures by George Leland Bach Pdf

Study of the causes, economic implications and future trends of inflation in the USA, with particular reference to economic policy priorities - covers trade union wages 'push', price policy, credit, price stabilization, unemployment, etc. References and statistical tables.

Author : Ben S. Bernanke,Thomas Laubach,Frederic S. Mishkin,Adam S. Posen
Publisher : Princeton University Press
Page : 393 pages
File Size : 49,6 Mb
Release : 2018-06-05
Category : Business & Economics
ISBN : 9780691187396

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Inflation Targeting by Ben S. Bernanke,Thomas Laubach,Frederic S. Mishkin,Adam S. Posen Pdf

How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.

Author : Robert J. Samuelson
Publisher : Random House Trade Paperbacks
Page : 353 pages
File Size : 53,9 Mb
Release : 2010-01-26
Category : Business & Economics
ISBN : 9780812980042

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The Great Inflation and Its Aftermath by Robert J. Samuelson Pdf

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.

Author : Paul Donovan
Publisher : Routledge
Page : 200 pages
File Size : 47,9 Mb
Release : 2015-03-27
Category : Business & Economics
ISBN : 9781317690047

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The Truth About Inflation by Paul Donovan Pdf

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.

Author : Brigitte Granville
Publisher : Princeton University Press
Page : 296 pages
File Size : 52,6 Mb
Release : 2013-07-28
Category : Business & Economics
ISBN : 9781400846443

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Remembering Inflation by Brigitte Granville Pdf

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.

Author : Brendan Brown
Publisher : Springer
Page : 232 pages
File Size : 45,5 Mb
Release : 2018-08-02
Category : Business & Economics
ISBN : 9783319893570

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The Case Against 2 Per Cent Inflation by Brendan Brown Pdf

This book analyses the controversial and critical issue of 2% inflation targeting, currently practised by central banks in the US, Japan and Europe. Where did the 2% target inflation originate, and for what reason? Do these reasons stand up to scrutiny? This book explores these key questions, contributing to the growing debate that the global 2% inflation standard prescribed by the central banks in the advanced economies globally is actually contributing to the economic malaise of these nations. It presents novel theoretical perspectives, intertwined with historical and market understanding, and features analysis that draws on monetary theory (including Austrian school), behavioural finance, and finance theory. Alongside rigorous analysis of the past and present, the book also features forward looking chapters, exploring how the 2% global inflation standard could collapse and what would ideally follow its demise, including a new look at the role of gold.