Inflationary Rigidities And Stabilization Policies
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Inflationary Rigidities And Stabilization Policies
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Inflationary Rigidities And Stabilization Policies written by 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 with categories.
Inflationary Rigidities And Stabilization Policies
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Author : Miguel Alberto Kiguel
language : en
Publisher:
Release Date : 1988
Inflationary Rigidities And Stabilization Policies written by Miguel Alberto Kiguel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Economic stabilization categories.
Inflation And The Costs Of Stabilization
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Author : Andres Solimano
language : en
Publisher: World Bank Publications
Release Date :
Inflation And The Costs Of Stabilization written by Andres 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 with categories.
Unemployment Fluctuations And Stabilization Policies
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Author : Jordi Gali
language : en
Publisher: MIT Press
Release Date : 2011-07-01
Unemployment Fluctuations And Stabilization Policies written by Jordi Gali and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-01 with Business & Economics categories.
A new approach for introducing unemployment into the New Keynesian framework. The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Galí, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework. Galí's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place. Galí develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.
Inflation And The Role Of Stabilization Policies In A Small Open Economy
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Author : Gianna Claudia Giannelli
language : it
Publisher:
Release Date : 1982
Inflation And The Role Of Stabilization Policies In A Small Open Economy written by Gianna Claudia Giannelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
The Inflation Unemployment Trade Off At Low Inflation
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Author : Pierpaolo Benigno
language : en
Publisher: International Monetary Fund
Release Date : 2009-03-01
The Inflation Unemployment Trade Off At Low Inflation written by Pierpaolo Benigno 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 2009-03-01 with Business & Economics categories.
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.
Inflation Stabilization And Welfare
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Author : Michael Woodford
language : en
Publisher:
Release Date : 2001
Inflation Stabilization And Welfare written by Michael Woodford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economics categories.
Abstract: This paper derives loss functions for monetary policy that are grounded in the welfare of private agents, for optimizing models with nominal price rigidities. Inflation stabilization enhances welfare, insofar as variable inflation results in real distortions when prices are not adjusted throughout the economy in a perfectly synchronized fashion. The exact sense in which inflation variability matters for welfare, however, depends upon the details of price-setting behavior. Conditions are described under which optimal policy involves complete stabilization of the price level. This may be optimal even in the presence of 'supply shocks' of several possible sorts, and even in the presence of distortions that imply that the optimal output gap is positive (despite existence of a long-run Phillips curve). At the same time discussed why complete price-level stabilization is not optimal in more complicated (and probably more realistic) settings.
Macroeconomic Policy
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Author : Martin Weale
language : en
Publisher: Routledge
Release Date : 2015-10-05
Macroeconomic Policy written by Martin Weale and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-05 with Business & Economics categories.
This analysis of macroeconomic policy, originally published in 1989, argues that key government objectives, such as reduced inflation, decreased unemployment and an adequate level of national saving can be achieved only by employing both monetary and fiscal policies, in conjunction with supply-side policies expressly designed to improve the workings of the labour market. Part 1 is a comparative analysis showing the effects of monetary and fiscal policy on the economy. Real-wage rigidity in the labour market is shown to have important consequences for the working of both types of policy, because it conditions the economy’s response to tax changes. Part 2 presents an econometric model which combines consistent stock-flow accounts with a full range of expectational effects. Part 3 presents an innovative technique for solving rational expectations models with the need for arbitary terminal conditions.
Lessons From The Heterodox Stabilization Programs
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Author : Miguel Alberto Kiguel
language : en
Publisher: World Bank Publications
Release Date : 1991
Lessons From The Heterodox Stabilization Programs written by Miguel Alberto Kiguel 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 1991 with Developing countries categories.
Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking inflation initially, success depends on a long- term commitment to the orthodox part of the program and the readiness to accept the unavoidable costs of disinflation.
Inflation Expectations
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Author : Peter J. N. Sinclair
language : en
Publisher: Routledge
Release Date : 2009-12-16
Inflation Expectations written by Peter J. N. Sinclair and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-16 with Business & Economics categories.
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.