Infla O E Crises

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Inflation Crises And Long Run Growth

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Author : William Easterly
language : en
Publisher:
Release Date : 2005

Inflation Crises And Long Run Growth written by William Easterly and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

After excluding countries with high-inflation crises - periods when annual inflation is above 40 percent - the data reveal no evidence of a consistent relationship between growth and inflation, at any frequency. But growth does tend to fall sharply during discrete crises of high inflation and to recover surprisingly strongly after inflation falls. Perhaps inflation crises are purely cyclical, or perhaps in the long run they have a favorable purgative effect. Recent literature suggests that long-run averages of growth and inflation are only weakly correlated and that such correlation is not robust to the exclusion of observations of extreme inflation. Including time series panel data has improved matters, but an aggregate parametric approach remains inconclusive. Bruno and Easterly propose a nonparametric definition of high-inflation crises as periods when annual inflation is above 40 percent. Excluding countries with high-inflation crises, they find no evidence of a consistent relationship between growth and inflation, at any frequency. They do find that growth falls sharply during discrete crises of high inflation, then recovers surprisingly strongly after inflation falls. The fall in growth during a crisis and the recovery of growth after the crisis tend to average out to nearly zero (even slightly above zero); hence no robust cross-section correlation. Their 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. Their findings do not support the view that reducing high inflation carries heavy output costs in the short to medium run. This paper - a joint product of the Office of the Vice President, Development Economics, and the Macroeconomics and Growth Division, Policy Research Department - is part of a larger effort in the Bank to examine the determinants of economic growth.

The Inflation Crisis And How To Resolve It

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Author : Henry Hazlitt
language : en
Publisher: Franklin Classics
Release Date : 2018-10-14

The Inflation Crisis And How To Resolve It written by Henry Hazlitt and has been published by Franklin Classics this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-14 with categories.

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Unemployment And Inflation In Economic Crises

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Author : Michael Carlberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-01-31

Unemployment And Inflation In Economic Crises written by Michael Carlberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-31 with Business & Economics categories.

This book studies unemployment and inflation in economic crises, first considering the scenario of a demand shock in Europe. In that case, monetary and fiscal interaction would cause widespread oscillations in European unemployment and European inflation. And what is more, there would be equally far-reaching fluctuations in the European money supply and European government purchases. These monetary and fiscal interactions would have no effects on the American economy. Second, it examines the scenario of a supply shock in Europe, in which monetary and fiscal interactions would have no effects on European unemployment or European inflation; there would also be an explosion of European government purchases and an implosion of the European money supply. Monetary and fiscal interactions would produce uniform oscillations in American unemployment and American inflation. Lastly, we would also see an implosion of both the American money supply and American government purchases.

Inflation Or Depression

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Author : Cy Gonick
language : en
Publisher: James Lorimer & Company
Release Date : 1975-01-01

Inflation Or Depression written by Cy Gonick and has been published by James Lorimer & Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975-01-01 with Business & Economics categories.

First published in the mid-1970s, Inflation or Depression attributes the contemporary world economic crisis to the post-Vietnam War decline of the U.S. as a preeminent world economic power. Rather than offering abstract economic theory, Gonick's analysis is based on the actual behaviour of multinational corporations, on the links that bind Western economies together, and on the limitations determining the economic policies of Canada and other countries. The author traces a consistent pattern by which U.S. policymakers intentionally exported their economic problems abroad during the early '70s. Inflation or Depression offers a bold interpretation of the malaise affecting the world economy at the beginning of the 1970s.

Inflation Targeting And The Crisis

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Author : Mr.Irineu E. de Carvalho Filho
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01

Inflation Targeting And The Crisis written by Mr.Irineu E. de Carvalho Filho and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-01 with Business & Economics categories.

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.

The Inflation Crisis And How To Resolve It Scholar S Choice Edition

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Author : Henry Hazlitt
language : en
Publisher:
Release Date : 2015-02-14

The Inflation Crisis And How To Resolve It Scholar S Choice Edition written by Henry Hazlitt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-14 with categories.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Crisis Stabilization And Economic Reform

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Author : Michael Bruno
language : en
Publisher: Clarendon Press
Release Date : 1993-08-05

Crisis Stabilization And Economic Reform written by Michael Bruno and has been published by Clarendon Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-08-05 with Business & Economics categories.

This book authoritatively considers the phenomenon of the severe economic crises of the 1970s and 1980s, as exemplified by the combination of high inflation and negative growth in Israel and Latin America. The author analyses the common characteristics of such processes and their possible cures–with a detailed first-hand account of Israeli stabilization policy, and a comparative policy-oriented analysis of Latin American reforms. Professor Bruno also calls on his experience to give a preliminary evaluation of recent stabilizations and reform attempts in several East European economies. The discussion of the theoretical underpinnings of `shock' treatments provides a good example for the blending of a number of disciplines: lessons of economic history; open economy monetary and macro theory; game-theoretic applications to the theory of economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility); and the rationalization of incomes policy. The Clarendon Lectures in Economics were established in 1987. They consist of coherent sets of three or four lectures given by distinguished economists which are accessible to advanced undergraduates and also of interest to academics. Subjects vary from high theory and applications of theory to policy-oriented topics. Lecturers include Professors J.-M. Grandmont, David Kreps, Kenneth Arrow, Angus Deaton, Robert Schiller, and Oliver Hart.

The Labor Market Consequences Of Financial Crises With Or Without Inflation

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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 2012

The Labor Market Consequences Of Financial Crises With Or Without Inflation written by Guillermo A. Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.

This paper offers empirical evidence showing that, relative to "normal" recessions, financial crises hit the labor market by either enhancing the degree of joblessness and/or by further depressing the real wage - a situation that the paper labels "wageless recovery." This holds for a sample of both advanced and emerging-market economies recession episodes, using credit market data prior to the recession episode as instrumental variable for financial crises. Results also indicate that inflation determines the type of recovery: low inflation is associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that these outcomes are consistent with a simple model in which collateral requirements are higher (lower), the larger is the share of labor costs (physical capital expenditure) involved in a loan contract. This is motivated by the conjecture that if a loan becomes delinquent, physical capital is easier to confiscate than human capital. Evidence from advanced economies supports the model. An implication of these findings is that a spike of inflation during financial crisis may help to reduce jobless recoveries, but at the expense of sharply lower real wages. Only relaxing credit constraint might help both unemployment and wages.

Europe S Century Of Crises Under Dollar Hegemony

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Author : Brendan Brown
language : en
Publisher: Springer Nature
Release Date : 2020-10-08

Europe S Century Of Crises Under Dollar Hegemony written by Brendan Brown and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-08 with Business & Economics categories.

This book showcases written dialogue from Brendan Brown and Philippe Simonnot on the subject of European monetary turmoil past and present and what hope there could be for future reform. Starting with the collapse of the gold standard in 1914, proceeding to the brief gold-dollar standard of the mid inter-war years, on to the collapse of Bretton Woods and the heyday of the Deutsche mark and ultimately discussing the euro, this book looks at a broad range of financial history alongside many new and provoking hypotheses about the devastating monetary turbulence of the successive eras, always with a focus on the US monetary hegemon. A highlight of the dialogue is an exploration of how past and future crises could combine to give birth to sound money in Europe – the launch, in effect, of a new euro. In the questions and answers within these pages, the authors draw on global examples and the challenges for Europe in deciding how to adapt to successive monetary shocks from the US, crafting a book that would be of interest to general finance and economics readers alongside students, researchers, and policymakers.

Financial And Sovereign Debt Crises

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Author : Ms.Carmen Reinhart
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-24

Financial And Sovereign Debt Crises written by Ms.Carmen Reinhart and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-24 with Business & Economics categories.

Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their emerging market counterparts. The current phase of the official policy approach is predicated on the assumption that debt sustainability can be achieved through a mix of austerity, forbearance and growth. The claim is that advanced countries do not need to resort to the standard toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms of financial repression. As we document, this claim is at odds with the historical track record of most advanced economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination of these were an integral part of the resolution of significant past debt overhangs.