Oil Price Shocks Can They Account For The Stagflation In The 1970s
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Oil Price Shocks
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Author : Benjamin Hunt
language : en
Publisher:
Release Date : 2005
Oil Price Shocks written by Benjamin Hunt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Monetary policy categories.
Using a variant of the IMF's Global Economy Model (GEM), featuring energy as both an intermediate input into production and a final consumption good, this paper examines the macroeconomic implications of large increases in the price of energy. Within a fully optimizing framework with nominal and real rigidities arising from costly adjustment, large increases in energy prices can generate an inflation response similar to that seen in the 1970s if the monetary authority misperceives the economy's supply capacity and workers resist the erosion in their real consumption wages resulting from the price increase. In the absence of either of these two responses, the model suggests that energy price shocks cannot generate the type of stagflation witnessed in the 1970s. Further, even allowing for these two effects, the results do not suggest that the increase in the price of oil in late 1973 and early 1974 can fully explain the extent of the slowing in real activity or the magnitude of the acceleration in inflation experienced in the United States in 1974 and 1975.
Oil Price Shocks Can They Account For The Stagflation In The 1970s
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Author : Ben Hunt
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2005-11-01
Oil Price Shocks Can They Account For The Stagflation In The 1970s written by Ben Hunt 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 2005-11-01 with categories.
Using a variant of the IMF's Global Economy Model (GEM), featuring energy as both an intermediate input into production and a final consumption good, this paper examines the macroeconomic implications of large increases in the price of energy. Within a fully optimizing framework with nominal and real rigidities arising from costly adjustment, large increases in energy prices can generate an inflation response similar to that seen in the 1970s if the monetary authority misperceives the economy's supply capacity and workers resist the erosion in their real consumption wages resulting from the price increase. In the absence of either of these two responses, the model suggests that energy price shocks cannot generate the type of stagflation witnessed in the 1970s. Further, even allowing for these two effects, the results do not suggest that the increase in the price of oil in late 1973 and early 1974 can fully explain the extent of the slowing in real activity or the magnitude of the acceleration in inflation experienced in the United States in 1974 and 1975.
Oil Prices Shocks
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Author : Benjamin Hunt
language : en
Publisher:
Release Date : 2005
Oil Prices Shocks written by Benjamin Hunt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Monetary policy categories.
Economic Policy And The Great Stagflation
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Author : Alan S. Blinder
language : en
Publisher: Elsevier
Release Date : 2013-09-11
Economic Policy And The Great Stagflation written by Alan S. Blinder and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-11 with Business & Economics categories.
Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.
International Dimensions Of Monetary Policy
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Author : Jordi Galí
language : en
Publisher: University of Chicago Press
Release Date : 2010-03-15
International Dimensions Of Monetary Policy written by Jordi Galí 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 2010-03-15 with Business & Economics categories.
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
A Monetary Explanation Of The Great Stagflation Of The 1970s
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Author : Robert B. Barsky
language : en
Publisher:
Release Date : 2000
A Monetary Explanation Of The Great Stagflation Of The 1970s written by Robert B. Barsky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Inflation (Finance) categories.
The origins of stagflation and the possibility of its recurrence continue to be an important concern among policymakers and in the popular press. It is common to associate the origins of the Great Stagflation of the 1970s with the two major oil price increases of 1973/74 and 1979/80. This paper argues that oil price increases were not nearly as essential a part of the causal mechanism generating stagflation as is often thought. We provide a model that can explain the bulk of stagflation by monetary expansions and contractions without reference to supply shocks. Monetary fluctuations also help to explain variations in the price of oil (and other commodities) and help to account for the striking coincidence of major oil price increases and worsening stagflation. In contrast, there is no theoretical presumption that oil supply shocks are stagflationary. In particular, we show that oil supply shocks may quite plausibly lower the GDP deflator and that there is little independent evidence that oil supply shocks actually raised the deflator (as opposed to the CPI). The oil supply shock view also fails to explain the dramatic surge in the price of other industrial commodities that preceded the 1973/74 oil price increase and the fact that increases in industrial commodity prices lead oil price increases in the OPEC period.
Inflation And Unemployment
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Author : United States. Congressional Budget Office
language : en
Publisher:
Release Date : 1975
Inflation And Unemployment written by United States. Congressional Budget Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Inflation (Finance) categories.
Do We Really Know That Oil Cause The Great Stagflation
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Author : Robert B. Barsky
language : en
Publisher:
Release Date : 2001
Do We Really Know That Oil Cause The Great Stagflation written by Robert B. Barsky 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.
Nber Macroeconomics Annual 2001
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Author : Ben S. Bernanke
language : en
Publisher: MIT Press
Release Date : 2002
Nber Macroeconomics Annual 2001 written by Ben S. Bernanke and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Current issues in macroeconomics.
The Great Inflation
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Author : Michael D. Bordo
language : en
Publisher: University of Chicago Press
Release Date : 2013-06-28
The Great Inflation written by Michael D. Bordo 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 2013-06-28 with Business & Economics categories.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.