Monetary Policy In Deflation
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Deflation
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Author : Richard C. K. Burdekin
language : en
Publisher: Cambridge University Press
Release Date : 2004-09-06
Deflation written by Richard C. K. Burdekin and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-06 with Business & Economics categories.
This book was originally published in 2004. Fears of deflation seemed nothing more than a relic of the Great Depression. However, beginning in the 1990s, persistently falling consumer prices have emerged in Japan, China and elsewhere. Deflation is also a distinct possibility in some of the major European area economies, especially Germany, and emerged as a concern of the US Federal Reserve in 2003. Deflation may be worse than inflation not only because the real burden of debt rises but also because firms would confront rising real wages in a world where nominal wage rigidity prevails. This volume explores some key themes regarding deflation including: (i) how economic agents and policy makers have responded to deflation, (ii) the links between monetary policy, goods price movements, and asset price movements, (iii) the impact of deflation under different monetary policy and exchange rate regimes, and (iv) stock market reactions to deflation.
Monetary Policy In Deflation
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Author : Athanasios Orphanides
language : en
Publisher:
Release Date : 2004
Monetary Policy In Deflation written by Athanasios Orphanides and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Deflation (Finance) categories.
Deflation
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Author : Mr.Taimur Baig
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-30
Deflation written by Mr.Taimur Baig 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 2003-06-30 with Business & Economics categories.
Deflation can be costly and difficult to anticipate, and concerns of a generalized decline in prices in both industrial and emerging market economies have increased recently. This paper investigates the causes and consequences of deflation, the risk of deflation globally and in individual countries, and policy options. The authors discuss issues related to the measurement, determinants, and costs of deflation and examine previous episodes of deflation. They compute an index of deflation vulnerability, which they apply to the 35 largest industrial and emerging market economies. Finally, the paper offers several policy options for protecting against deflation and for coping with it should it strike.
Taming Japan S Deflation
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Author : Gene Park
language : en
Publisher: Cornell University Press
Release Date : 2018-11-15
Taming Japan S Deflation written by Gene Park and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-15 with Political Science categories.
Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped. With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics—an economic agenda to reflate the economy—and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network. The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis of the politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
Gauging Risks For Deflation
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Author : Mr.Jörg Decressin
language : en
Publisher: International Monetary Fund
Release Date : 2009-01-27
Gauging Risks For Deflation written by Mr.Jörg Decressin 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 2009-01-27 with Business & Economics categories.
This paper discusses deflation risks and policy options. The paper highlights that slumping collateral values have exacerbated the credit crunch, and monetary policy has lost effectiveness in stabilizing output. A model-based analysis for the G3 economies (United States, euro area, and Japan) also suggests that, on the assumption that the financial distress is gradually resolved, the most likely outcome is that the global economy will stay clear of sustained deflation. However, if financial sector problems are not remedied or further shocks add to current stresses, there is a significant probability of more negative deflationary outcomes, with a deeper and more prolonged recession. The chapter underscores the crucial role of financial sector policies in remedying deflationary pressures directly and indirectly, by enhancing the effectiveness of monetary and fiscal policies. Monetary policy can help in some areas; however, supportive fiscal policies are likely to be needed to prevent a deflationary episode becoming entrenched. Monetary policy measures include operating in a broad range of financial markets to relieve credit rationing, and to lower risk spreads and term premiums. Finally, to reinforce long-run inflation expectations, central bank communications should emphasize the commitment to return inflation to objectives with all due speed.
Deflation
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-01-19
Deflation written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-19 with Business & Economics categories.
What is Deflation In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0%. Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slowdown in the inflation rate; i.e., when inflation declines to a lower rate but is still positive. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Deflation Chapter 2: Macroeconomics Chapter 3: Gold standard Chapter 4: Inflation Chapter 5: Monetarism Chapter 6: Fiscal policy Chapter 7: Monetary policy of the United States Chapter 8: Monetary policy Chapter 9: Causes of the Great Depression Chapter 10: Liquidity trap Chapter 11: Disinflation Chapter 12: Real economy Chapter 13: Quantitative easing Chapter 14: Biflation Chapter 15: Monetary inflation Chapter 16: Debt deflation Chapter 17: Great Depression Chapter 18: Currency intervention Chapter 19: Bernanke doctrine Chapter 20: Lost Decades Chapter 21: Inflationism (II) Answering the public top questions about deflation. (III) Real world examples for the usage of deflation in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Deflation.
Monetary Policy With Very Low Inflation In The Pacific Rim
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Author : Takatoshi Ito
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
Monetary Policy With Very Low Inflation In The Pacific Rim written by Takatoshi Ito and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
Understanding The Costs Of Deflation In The Japanese Context
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Author : Mr.Taimur Baig
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-01
Understanding The Costs Of Deflation In The Japanese Context written by Mr.Taimur Baig 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 2003-11-01 with Business & Economics categories.
This paper examines the cost of deflation in the context of Japan's ongoing deflationary episode. The impact of deflation owing to the zero interest rate bound on monetary policy, wage rigidity, redistribution of wealth from debtor to creditor, and inflexibilities in the financial sector are examined. It is seen that the generalized decline in the Japanese price level, however gradual or mild, has substantially exacerbated the economy's adjustment process under already difficult economic conditions.
In Defense Of Deflation
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Author : Philipp Bagus
language : en
Publisher: Springer
Release Date : 2014-12-26
In Defense Of Deflation written by Philipp Bagus and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-26 with Business & Economics categories.
This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
How Deflation Affects You
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Author : Barbara Gottfried Hollander
language : en
Publisher: The Rosen Publishing Group, Inc
Release Date : 2012-12-15
How Deflation Affects You written by Barbara Gottfried Hollander and has been published by The Rosen Publishing Group, Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-15 with Juvenile Nonfiction categories.
Readers discover what deflation is in global and national economies through accessible, easy-to-understand terms. They also learn how deflation is measured as well as how rises and falls in the Gross Domestic Product describe expansions and downturns in the economy. Japans lost decade of the 1990s is used as an international example to illustrate how deflation affects people. Students investigate the U.S. economy by learning about fiscal policy, deflation, and economic booms and downturns, monetary policy, and liquidity traps. They also learn about bad deflation and good deflation. This straightforward book gives readers a thorough grounding in what happens to their purchasing power with deflation, and how deflation influences their spending decisions, investment choices, employment, income, and loans.