Inflation Targeting And The Unemployment Inflation Trade Off
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| Author | : Mr.Eric V. Clifton |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 0 |
| Release | : 2001-10-01 |
| Genre | : Business & Economics |
| ISBN | : 9781451858105 |
Download Inflation Targeting and the Unemployment-Inflation Trade-off Book in PDF, Epub and Kindle
This paper examines the impact of the introduction of inflation targeting on the unemployment-inflation trade-off in OECD countries. Theoretical models suggest that the credibility-enhancing effects of the adoption of inflation targeting should cause an improvement in the unemployment-inflation trade-off, i.e., that reducing inflation by a given amount should occur with a smaller rise in unemployment. The empirical evidence examined for OECD countries adopting inflation targeting supports this hypothesis. Using a smooth transition regression model, it is shown that the improvement in this trade-off does not take place immediately after the adoption of inflation targeting; rather, it improves over time as the credibility of the central bank is established.
| Author | : Pierpaolo Benigno |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2009-03-01 |
| Genre | : Business & Economics |
| ISBN | : 1451871813 |
Download The Inflation-Unemployment Trade-off at Low Inflation Book in PDF, Epub and Kindle
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
| Author | : Douglas Laxton |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2002-12 |
| Genre | : Business & Economics |
| ISBN | : |
Download Monetary Policy Credibility and the Unemployment-Inflation Tradeoff Book in PDF, Epub and Kindle
Using data on long-term interest rates for 17 industrial countries, this paper develops some simple measures of monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation.
| Author | : Robert M. Solow |
| Publisher | : MIT Press |
| Total Pages | : 140 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : 9780262692229 |
Download Inflation, Unemployment, and Monetary Policy Book in PDF, Epub and Kindle
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.
| 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.
| Author | : Anthony M. Santomero |
| Publisher | : |
| Total Pages | : 82 |
| Release | : 1977 |
| Genre | : Employment (Economic theory) |
| ISBN | : |
Download The Inflation-unemployment Trade-off Book in PDF, Epub and Kindle
| Author | : Douglas Laxton |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download Monetary Policy Credibility and the Unemployment-Inflation Trade-Off Book in PDF, Epub and Kindle
Using data on long-term interest rates for 17 industrial countries, this paper develops some simple measures of monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation.
| Author | : Charles Freedman |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2009-04-01 |
| Genre | : Business & Economics |
| ISBN | : 145187233X |
Download Why Inflation Targeting? Book in PDF, Epub and Kindle
This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
| Author | : John Rutledge |
| Publisher | : |
| Total Pages | : 134 |
| Release | : 1975 |
| Genre | : Inflation (Finance) |
| ISBN | : |
Download The Unemployment Inflation Tradeoff Book in PDF, Epub and Kindle
| Author | : Bruno Jossa |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 184 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
Download Inflation, Unemployment and Money Book in PDF, Epub and Kindle
This comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature. In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it. Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.
