Inflation Crises And Growth
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Author | : Michael Bruno |
Publisher | : |
Total Pages | : 64 |
Release | : 1995 |
Genre | : Economic development |
ISBN | : |
Download Inflation Crises and Long-run Growth Book in PDF, Epub and Kindle
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 | : Hans-Jürgen Engelbrecht |
Publisher | : |
Total Pages | : |
Release | : 1999 |
Genre | : |
ISBN | : |
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Author | : Michael Bruno |
Publisher | : |
Total Pages | : 272 |
Release | : 1995 |
Genre | : Anti-inflationary policies |
ISBN | : |
Download Inflation, Growth and Monetary Control Book in PDF, Epub and Kindle
Author | : Hans-Jürgen Engelbrecht |
Publisher | : |
Total Pages | : 18 |
Release | : 1999 |
Genre | : Economic development |
ISBN | : |
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Author | : Mr.Irineu E. de Carvalho Filho |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2010-02-01 |
Genre | : Business & Economics |
ISBN | : 1451963041 |
Download Inflation Targeting and the Crisis Book in PDF, Epub and Kindle
This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of establishing the stylized facts that will guide and motivate future research. We find that since August 2008, IT countries lowered nominal policy rates by more and this loosening translated into an even larger differential in real interest rates relative to other countries; were less likely to face deflation scares; and saw sharp real depreciations not associated with a greater perception of risk by markets. We also find some weak evidence that IT countries did better on unemployment rates and advanced IT countries have had relatively stronger industrial production performance. Finally, we find that advanced IT countries had higher GDP growth rates than their non-IT peers, but find no such difference for emerging countries or the full sample.
Author | : Ms.Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2017-11-16 |
Genre | : Business & Economics |
ISBN | : 1484329392 |
Download Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications Book in PDF, Epub and Kindle
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling inconsistency of output dynamics with other cyclical components of production. The ‘output gap’ can be ill-conceived, poorly measured, and inconsistent over time. Persistent losses require more buffers and crisis-avoidance policies, affecting tradeoffs in prudential, macroeconomic, and reserve management policies. The frequency and depth of crises are key determinants of long-term growth and drive a new stylized model of economic development.
Author | : Michael Bruno |
Publisher | : |
Total Pages | : 24 |
Release | : 1996 |
Genre | : Anti-inflationary policies |
ISBN | : |
Download Inflation's Children Book in PDF, Epub and Kindle
Are broad reforms the children of high inflation? Do growth recoveries follow? We find that countries that had external debt crises with high inflation both reformed more and recovered better than countries that had external debt crises with low inflation. Countries with extremely high inflation also later wound up with lower inflation than countries that has moderately high inflation. The low inflation debtor countries had more aid than the high inflation debtor countries, which may have created stronger incentives to reform in the high inflation countries. Recent reforms look like they are the children of high inflation, even if further paternity tests are in order.
Author | : Patrick J. Conway |
Publisher | : Springer Science & Business Media |
Total Pages | : 392 |
Release | : 2000-11-30 |
Genre | : Business & Economics |
ISBN | : 9780792372288 |
Download Crisis, Stabilization and Growth Book in PDF, Epub and Kindle
These various perspectives are combined to illuminate the fundamental policy difficulties in achieving desirable macroeconomic outcomes in economies saddled with the economic and political legacies of the Soviet Union."--BOOK JACKET.
Author | : Lorie Tarshis |
Publisher | : James Lorimer & Company |
Total Pages | : 212 |
Release | : 1984-01-01 |
Genre | : Business & Economics |
ISBN | : 9780888626257 |
Download The World Economy in Crisis Book in PDF, Epub and Kindle
Lorie Tarshis held that much of the economic suffering in the 1970s was not necessary, that the crisis could have been easily eased had it not been for governments' faulty diagnoses and poorly-designed prescriptions. Faced with increasingly serious energy shortages, economic slowdowns, rising unemployment and skyrocketing Third World debt, Western governments responded with inflation-fighting policies left over from the Second World War that served only to exaccerbate the situation. In this book Tarshis recommended an overall strategy to confront these problems without resorting to the stopgaps then in vogue with government decision makers. World Economy in Crisis offers an acute diagnosis of the pervasive malaise facing the world economy in the 1970s, and a critical perspective on contemporary official responses to it.
Author | : Michael D. Bordo |
Publisher | : University of Chicago Press |
Total Pages | : 545 |
Release | : 2013-06-28 |
Genre | : Business & Economics |
ISBN | : 0226066959 |
Download The Great Inflation Book in PDF, Epub and Kindle
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.