The Inflation Output Trade Off
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The Inflation Output Trade Off Revisited
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Author : Gauti B. Eggertsson
language : en
Publisher:
Release Date : 2013-05-12
The Inflation Output Trade Off Revisited written by Gauti B. Eggertsson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-12 with Business & Economics categories.
A rich literature from the 1970s shows that as inflation expectations become more and more ingrained, monetary policy loses its stimulative effect. In the extreme, with perfectly anticipated inflation, there is no trade-off between inflation and output. Recent literature on the interest-rate zero lower bound, however, suggests there may be some benefits from anticipated inflation when the economy is in a liquidity trap. This study reconciles these two views by showing that while it is true that, at positive interest rates, the greater the anticipated inflation the less stimulative are the effects, the opposite holds true at the zero bound. Indeed, at the zero bound, the more the public anticipates inflation, the greater is the expansionary effect of inflation on output. This leads the authors to revisit the trade-off between inflation and output and to show how radically it changes in the face of demand shocks large enough to bring the economy into a liquidity trap. Instead of vanishing once inflation becomes anticipated, the trade-off between inflation and output increases substantially and may become arbitrarily large. In such cases, raising the inflation target in a liquidity trap can be very stimulative. Figures. This is a print on demand report.
The Inflation Output Trade Off
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Author : Weshah Razzak
language : en
Publisher:
Release Date : 1997
The Inflation Output Trade Off written by Weshah Razzak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Consumer price indexes categories.
Nominal Rigidities And The Inflation Output Trade Off
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Author : Victoria Caroline Hoogenveen
language : en
Publisher:
Release Date : 2004
Nominal Rigidities And The Inflation Output Trade Off written by Victoria Caroline Hoogenveen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Capital Mobility And The Output Inflation Trade Off
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Author : Prakash Loungani
language : en
Publisher:
Release Date : 1997
Capital Mobility And The Output Inflation Trade Off written by Prakash Loungani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Capital movements categories.
An Investigation Of Output Variance Before And During Inflation Targeting
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Author : Francisco Nadal-De Simone
language : en
Publisher: International Monetary Fund
Release Date : 2001-12
An Investigation Of Output Variance Before And During Inflation Targeting written by Francisco Nadal-De Simone 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 2001-12 with Business & Economics categories.
Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate “too low and stable” will likely result in relatively larger output fluctuations. Following the generalized reduction in inflation variance in the 1990s, that concern was rekindled. This study estimates whether conditional output variance has changed in a sample of 12 countries. With the possible exception of Canada, there is no evidence of an increase in output variance. Either output variance has not changed (i.e., in Korea and Singapore) or has fallen (i.e., in Australia and New Zealand).
The Output Inflation Nexus In Ukraine
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 1996-05-01
The Output Inflation Nexus In Ukraine written by Mr.Atish R. Ghosh 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 1996-05-01 with Business & Economics categories.
This paper examines whether expansionary credit policy can help sustain output growth in transition economies, with particular reference to Ukraine’s experience since 1992. We find that, while real credit growth is indeed associated with higher output growth, an increase in the growth rate of nominal credit does not, in general equilibrium, stimulate output growth. Following a short-lived boom — caused by falling real wages — the increase in the growth rate of nominal credit leads to a decline in the level of output.
Output Gap In Presence Of Financial Frictions And Monetary Policy Trade Offs
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Author : Francesco Furlanetto
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-18
Output Gap In Presence Of Financial Frictions And Monetary Policy Trade Offs written by Francesco Furlanetto 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 2014-07-18 with Business & Economics categories.
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure of output gap that accounts for frictions in financial market. Furthermore we illustrate that, in the presence of financial frictions, a benevolent central bank faces a substantial trade-off between nominal and real stabilization; optimal monetary policy significantly reduces fluctuations in price and wage inflations but fails to alleviate the output gap volatility. This suggests a role for macroprudential policies.
The Changing Nature Of The Output Inflation Trade Off
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Author : Martin D. D. Evans
language : en
Publisher:
Release Date : 1992
The Changing Nature Of The Output Inflation Trade Off written by Martin D. D. Evans 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.
Inequality Output Inflation Trade Off And Economic Policy Uncertainty
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Author : Eliphas Ndou
language : en
Publisher: Springer
Release Date : 2019-08-13
Inequality Output Inflation Trade Off And Economic Policy Uncertainty written by Eliphas Ndou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-13 with Business & Economics categories.
This book focuses on income inequality, output-inflation trade-off and economic policy uncertainty in South Africa. Tight monetary and macroprudential policies raise income inequality. Income inequality transmits monetary policy and macroprudential policy shocks to real economic activity. Economic policy uncertainty influences the dynamics in the lending rate margins, inflation expectations, credit, pass-through of the repo rate to bank lending rates and companies’ cash holdings. The trade-off between output and inflation and output growth persistence vary with inflation regimes. Stimulatory demand policy shocks are less effective in high inflation regime. High income inequality raises consumption inequality, which raises demand for credit, but price stability matters in this link. Increased bank concentration raises income inequality, lowers economic growth and employment rate. Elevated economic policy uncertainty lowers output growth, lowers capital formation, reduces credit and raises companies’ cash holdings. Increased companies’ cash holdings reduce capital formation and impact the transmission of expansionary monetary policy shocks to real economic activity. This book shows there is an inflation level within the target band below it which lowers income inequality, while raising GDP growth and employment. Thus price stability, economic policy uncertainty and income inequality matter for the efficient transmission of policy shocks.
Stock Prices And Monetary Policy
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Author : Paul De Grauwe
language : en
Publisher: CEPS
Release Date : 2008
Stock Prices And Monetary Policy written by Paul De Grauwe and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Monetary policy categories.
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.