Inflation Stabilization And Nominal Anchors
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Inflation Stabilization And Nominal Anchors
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Author : Guillermo Calvo
language : en
Publisher:
Release Date : 1992
Inflation Stabilization And Nominal Anchors written by Guillermo Calvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Economic stabilization categories.
Inflation Stabilization And Nominal Anchors
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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 1992
Inflation Stabilization And Nominal Anchors 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 1992 with categories.
Issues Concerning Nominal Anchors For Monetary Policy
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1994-05-01
Issues Concerning Nominal Anchors For Monetary Policy written by Mr.Robert P. Flood 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 1994-05-01 with Business & Economics categories.
This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Price Formation Nominal Anchors And Stabilization Policies In Hungary
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Author : Andrés Solimano
language : en
Publisher: World Bank Publications
Release Date : 1993
Price Formation Nominal Anchors And Stabilization Policies In Hungary written by Andrés Solimano and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Deflacion categories.
Issues Concerning Nominal Anchors For Monetary Policy
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Author : Robert P. Flood
language : en
Publisher:
Release Date : 1994
Issues Concerning Nominal Anchors For Monetary Policy written by Robert P. Flood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Inflation (Finance) categories.
Abstract: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review, in the context of a variety of models, some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Exchange Rate Based Stabilization
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Author : Mr.A. Javier Hamann
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Exchange Rate Based Stabilization written by Mr.A. Javier Hamann 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 1999-10-01 with Business & Economics categories.
Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
Issues Concerning Nominal Anchors For Monetary Policy
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Author : Robert P. Flood
language : en
Publisher:
Release Date : 2006
Issues Concerning Nominal Anchors For Monetary Policy written by Robert P. Flood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
High Inflation And The Nominal Anchors Of An Open Economy
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Author : Michael Bruno
language : en
Publisher:
Release Date : 1991
High Inflation And The Nominal Anchors Of An Open Economy written by Michael Bruno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
A high inflation process is usually due to a real imbalance and cannot be cured without a correction of real furamenta1s. Yet it can be characterized as a quasi-stable nominal process which gets divorced from the real system in what Patinkin could call a valid classical dichotomy. This paper extends the existing seignorage model approach to multiple inflationary equilibria by rationalizing a high inflation equilibrium as well as its stability as the outcomes of sub-optimization by a 'soft' government. It considers the advantages as well as the weaknesses of using the exchange rate as the key nominal anchor in the various stages of stabilization to low (or zero) inflation. Finally the rationale for using multiple nominal anchors is also discussed. Applications of the theoretical arguments are illustrated from recent high inflation and stabilization experience.
Exchange Rates As Nominal Anchors
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Author : Sebastian Edwards
language : en
Publisher:
Release Date : 1992
Exchange Rates As Nominal Anchors written by Sebastian Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Foreign exchange rates categories.
This paper discusses the use of nominal exchange rates as nominal anchors in stabilization programs. The first part deals with the dynamics of inflation in highly indexed economies. It is shown that credible exchange rate anchors will reduce the degree of inflationary inertia. However, if some residual inertia is maintained in some contracts, real exchange rate overvaluation will result. Data from Chile, Mexico and Yugoslavia are used to test the implications of the model. The second part deals with the long run, and uses a 56 countries data set to investigate whether fixed exchange rates have been associated with greater financial discipline.
Inflation Stabilization And Bop Crises In Developing Countries
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Author : Guillermo A. Calvo
language : en
Publisher:
Release Date : 1999
Inflation Stabilization And Bop Crises In Developing Countries 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 1999 with Balance of payments categories.
High and persistent inflation has been one of the distinguishing macroeconomic characteristics of many developing countries since the end of World War II. Countries afflicted by chronic inflation, however, have not taken their fate lightly and have engaged in repeated stabilization attempts. More often than not, stabilization plans have failed. The end of stabilizations -- particularly those which rely on a pegged exchange rate -- has often involved dramatic balance of payment crises. As stabilization plans come and go, a large literature has developed trying to document the main empirical regularities and understand the key issues involved. This paper undertakes a critical review and evaluation of the literature related to inflation stabilization policies and balance of payment crises in developing countries.
