Models Of Inflation

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Models Of Inflation And The Costs Of Disinflation

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Author : Mr.Bankim Chadha
language : en
Publisher: International Monetary Fund
Release Date : 1991-10-01

Models Of Inflation And The Costs Of Disinflation written by Mr.Bankim Chadha 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 1991-10-01 with Business & Economics categories.

This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first analytically in a simple theoretical model, then by simulation of a global, multi-region empirical model. The credibility of a preannounced path for money consistent with the lowest output loss is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency.

Models Of Inflation

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Author : Charles Edward Swanson
language : en
Publisher:
Release Date : 1991

Models Of Inflation written by Charles Edward Swanson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.

Models Of Inflation And The Costs Of Disinflation

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Author : Bankim Chadha
language : en
Publisher:
Release Date : 2006

Models Of Inflation And The Costs Of Disinflation written by Bankim Chadha 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 focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first analytically in a simple theoretical model, then by simulation of a global, multi-region empirical model. The credibility of a preannounced path for money consistent with the lowest output loss is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency.

Two Models Of Inflation Control

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Author : Irene D. Darius
language : en
Publisher:
Release Date : 1980

Two Models Of Inflation Control written by Irene D. Darius and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Economic development categories.

In recent years, rising inflation and low levels of output growth have plagued western economies. Fiscal and monetary policies to lower inflation often put downward pressure on output, while fiscal and monetary policies to stimulate output raise the inflation rate. There fore, inflation control programs, believed to raise output and lower inflation, have become a popular government policy in Great Britain, the United States and Canada. While inflation control programs have been observed to increase the level of output and lower the rate of inflation in the long-run, periods of lower levels of output exist in the short-run. It is the aim of this paper to capture these observed findings in two macro-economic models incorporating a voluntary inflation control program. The basic model to which the controls are being applied has received extensive study. Model 1 assumes the control program affects inflationary expectations only. Model 2 assumes the control program affects both inflationary expectations and the demand for real money. The method of study employed for both models is one of coirparative statics and phase diagrams. IVo differential equations are formulated one for the real rate of interest and the other for the nominal rate of interest. From these equations the stability conditions are evaluated and examined. Assuming these conditions are satisfied during the control program, phase diagrams and the short-run time paths are drawn to show the movement of the actual inflation rate, expectations, output, the real interest rate, and the nominal interest rate to their long-run equilibrium positioq. The analysis of the long-run equilibrium follows the short-run analysis. Finally, an examination of the post-control period completes the study for both models. The results of both models are similar. In the short-run, cyclical fluctuations of all the endogenous variables may exist. The rate of inflation does fall teirporarily in the short-run, but the level of output also falls. The long-run equilibrium is one of a higher level of output, and lower inflationary expectations, real interest rate and nominal interest rate in both models. In Model 1, the actual rate of inflation is the same as its pre-control equilibrium rate, while in Model 2 the rate of inflation is lowered from its pre-control rate. In both models, the post-control equilibrium position is the same as the pre-control equilibrium position. Therefore, unless the control program remains on indefinitely, the inflation control program can only be a temporary policy to lower the inflation rate and raise the level of output.

A Simple Dge Model For Inflation Targeting

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Author : Jaromir Benes
language : en
Publisher: International Monetary Fund
Release Date : 2007-08

A Simple Dge Model For Inflation Targeting written by Jaromir Benes 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 2007-08 with Business & Economics categories.

The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibrium model structure that can be amended to account for various phenomena that often complicate policy analysis in emerging markets, such as persistent trends in relative prices. The model's calibration is intuitive and can draw on the vast experience many countries have with calibrating small 'gap' models of monetary policy transmission. Moreover, the definition of the model's steady state in terms of nominal expenditure ratios, rather than levels of real variables, allows for the easy use of the model in a regular forecast production cycle in an IT central bank. The paper tests the model's properties on recent Turkish data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model.

Perspectives On Inflation

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Author : David F. Heathfield
language : en
Publisher:
Release Date : 1979

Perspectives On Inflation written by David F. Heathfield and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.

A Critical Analysis And Comparison Of Selected Models Of Inflation

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Author : Richard Edwin Johns
language : en
Publisher:
Release Date : 1976

A Critical Analysis And Comparison Of Selected Models Of Inflation written by Richard Edwin Johns and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with categories.

The purpose of this report is to assist those who must deal with inflation related problems in acquiring a sound basic understanding of inflation. The report begins with a logical-historical treatise of monetary developments and selected experiences with inflation in various historical contexts. The evolution of money and monetary institutions as related to inflation is traced into the first half of 1976. Contemporary monetary crises under a system of floating currencies are discussed and analyzed in terms of the historical background material. The historical data base thus developed is used as a referent for analysis and comparison of theoretical models of inflation suggested by four schools of economic thought: classical, Austrian, Keynesian and monetarist. The four models are compared in terms of explanatory value, historical accuracy and predictive value.

Non Parametric And Neural Network Models Of Inflation Changes

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Author : Greg Tkacz
language : en
Publisher:
Release Date : 2000

Non Parametric And Neural Network Models Of Inflation Changes written by Greg Tkacz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.

Essays On Price Setting Models And Inflation Dynamics

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Author : Bae-Geun Kim
language : en
Publisher:
Release Date : 2007

Essays On Price Setting Models And Inflation Dynamics written by Bae-Geun Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

This dissertation investigates the empirical validity of several theories on firms' price-setting behavior and the dynamics of inflation. The dissertation consists of two essays.

A Dynamic Model Of Inflation For Kenya 1974 1996

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Author : Mr.Dick Durevall
language : en
Publisher: International Monetary Fund
Release Date : 1999-07-01

A Dynamic Model Of Inflation For Kenya 1974 1996 written by Mr.Dick Durevall 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 1999-07-01 with Business & Economics categories.

This paper analyses the dynamics of inflation in Kenya during 1974–96, a period characterized by external shocks and internal disequilibria. By developing a parsimonious and empirically constant error correction model the paper finds that the exchange rate, foreign prices, and terms of trade have long-run effects on inflation, while the money supply and interest rate only have short-run effects. The dynamics of inflation are also found to be influenced by food supply constraints. Moreover, inertia is important for the period up to 1993, when about 40 percent of current inflation was transmitted to the next quarter. After 1993 inertia drops to about 10 percent.