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Inflation Dynamics in Yemen: An Empirical Analysis
by Abdullah AlmounsorA report from the International Monetary Fund.
Inflation Expectations (Routledge International Studies In Money And Banking Ser. #56)
by Peter SinclairInflation 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.
Inflation Expectations and Monetary Policy in India: An Empirical Exploration
by Michael Debabrata Patra Partha RayA report from the International Monetary Fund.
Inflation Hedging for Long-Term Investors
by Shaun K. Roache Alexander P. AttiéA report from the International Monetary Fund.
Inflation Smoothing and the Modest Effect of VAT in Germany
by Stephan Danninger Alina CarareA report from the International Monetary Fund.
Inflation Targeting Pillars: Transparency and Accountability
by Charles Freedman Douglas LaxtonA report from the International Monetary Fund.
Inflation Targeting Under Imperfect Policy Credibility
by Ali Alichi Charles Freedman Douglas Laxton Marianne Johnson Ondra Kamenik Huigang Chen Kevin Clinton Turgut KișinbayA report from the International Monetary Fund.
Inflation Targeting and Central Banks: Institutional Set-ups and Monetary Policy Effectiveness (Banking, Money and International Finance)
by Joanna NiedźwiedzińskaOver the last three decades, inflation targeting (IT) has become the most popular monetary policy framework among larger economies. At the same time, its constituting features leave room for different interpretations, translating into various central banks’ institutional set-ups. Against this backdrop, this book investigates the importance of institutional arrangements for policy outcomes. In particular, the book answers the question of whether there are significant differences in IT central banks’ institutional set-ups, and—if yes—whether they influence the ability of monetary authorities to meet their policy goals. The book examines around 70 aspects related to independence, accountability and transparency of 42 IT central banks over the last 30 years. Based on the analysis, it can be concluded that the quality of the institutional set-ups materially affects monetary policy effectiveness. In fact, a visible improvement of institutional arrangements resulting from pursuing an inflation targeting strategy can be treated as its lasting contribution to central banking. Thus, despite the recent critique of the framework, its prospects continue to be rather favourable. Overall, for the advocates of inflation targeting, the findings of the book can be seen as identifying the sources of IT strengths, while for IT opponents, they may be viewed as indicating which elements of IT institutional set-ups should be kept even if the need to replace this strategy with another regime will, indeed, result in a change. Given the role monetary policy plays within the economy, such knowledge may have significant implications. Therefore, the book will be relevant for different audiences, including scholars and researchers of monetary economics and monetary policy, and will be essential reading for central banks already pursuing an IT strategy or those preparing to adopt one.
Inflation Targeting and Financial Stability: Monetary Policy Challenges for the Future
by Michael HeiseSince the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity.Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
Inflation Targeting at 20: Achievements and Challenges
by Scott RogerA report from the International Monetary Fund.
Inflation Targeting in Practice
by International Monetary FundThere is widespread and growing consensus that the single most important goal of monetary policy should be the pursuit of price stability. To reflect this an increasing number of central banks have been granted independence and charged with the exclusive objective of controlling inflation. In January 1999 the Central Bank of Brazil decided to adopt an explicit inflation targeting approach. To inform this process the Bank and the International Monetary Fund held a seminar in Rio de Janeiro on 3-5 May 1999, from which this publication arose. The seminar's purpose was to analyse the experience of countries that have been operating under an inflation targeting framework, and to identify and review the steps that countries like Brazil should consider in adopting such a framework, to enhance the chances of its success. Experts from 10 central banks joined with officials from the Central Bank of Brazil and the IMF for an in-depth examination of recent experience, including aspects of the design and operation of inflation targeting in both developed and emerging economies. This report brings together summaries of the presentations given at the seminar, and presents a concise guide to the theoretical considerations and practical aspects that are key in assessing the benefits and costs of adopting an inflation targeting monetary strategy.
Inflation Theory in Economics: Welfare, Velocity, Growth and Business Cycles (Routledge International Studies in Money and Banking #Vol. 53)
by Max GillmanThese essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.
Inflation and Conflict in Iraq: The Economics of Shortages Revisited
by Udo Kock David A GrigorianA report from the International Monetary Fund.
Inflation and Deflation in East Asia (Financial and Monetary Policy Studies #54)
by Frank Rövekamp Moritz Bälz Hanns Günther Hilpert Wook SohnIn light of the deflationary trends following the 2008/2009 financial crisis, as well as the return of inflation triggered by the COVID-19 pandemic and the war in Ukraine, this book offers insights into price stability issues in various East Asian countries. Leading scholars from the fields of economics and law as well as central bank practitioners present case studies on Japan, Korea, Singapore, and Taiwan. The contributors address topics such as quantitative monetary easing, the role of global and domestic shocks on inflation dynamics, and other monetary policy issues. In doing so, the book goes into detail about the individual forces and effects of deflation and inflation and compares the Asian experience with that of the Eurozone.
Inflation and Society (Routledge Library Editions: Inflation)
by Graham HuttonOriginally published in 1960, this book examines how inflation as a policy has come about in modern democracies, how ti works, how to avoid it and at what cost. In non-technical terms it explains what inflation does, both to society and its individual elements, to weaken and hamper democracy. Including examples from the UK, Germany, France, Scandinavia, the USA and the former Soviet Union this volume examines inflation at work in widely differing communities since Roman Times to the late twentieth century.
Inflation and Unemployment: Contributions to a New Macroeconomic Approach (Routledge Studies in the Modern World Economy)
by Mauro Baranzini Alvaro CenciniThis work challenges traditional monetary theory by focusing on the role of banks and provides a new insight into the role played by bank money and capital accumulation. An international team of contributors reappraise analyses of the inflation and unemployment developed by Marshall, Keynes and Robertson. This volume is published in association with the Centre for the Study of Banking in Switzerland.
Inflation and Unemployment: Theory, Experience and Policy Making (Routledge Library Editions: Inflation)
by J. W. Nevile V. E. ArgyOriginally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.
Inflation and Wages in Underdeveloped Countries: India, Peru, and Turkey, 1939-1960
by Bill WarrenPublished in the year 1977, Inflation and Wages in Underdeveloped Countries is a valuable contribution to the field of Economics.
Inflation and the Family: Monetary Policy's Impact on Household Life (Palgrave Studies in Austrian Economics)
by Jeffery L. DegnerThis book provides unique insight into the relationship between economics and family life. Taking ideas from the Austrian school of economics’ understanding of monetary theory, it delves into the drivers of family formation, fertility, and family disintegration, with a particular focus on the role of inflation and inflationary policy. By placing questions surrounding family life within a political economy setting, the impact of relative price changes, inflation culture, and specific monetary policies on the role and structure of the family are highlighted. This book offers a nuanced and robust understanding of the economic causes of the deinstitutionalization of traditional family life. It will be relevant to students and researchers interested in monetary economics and the economics of the family.
Inflation and the Making of Australian Macroeconomic Policy, 1945–85
by Michael BeggsInflation and the Making of Australian Macroeconomic Policy, 1945–85.
Inflation and the Making of Australian Macroeconomic Policy, 1945–85
by Michael BeggsIn the decades after World War II, inflation undermined the aspiration for full employment in Australia. This book tells the story of how the Australian state was shaped by the confrontation with monetary instability: a pre-history of neoliberalism.
Inflation and the Theory of Money
by R. J. BallMartin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one."The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy.The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level.The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.
Inflation in China: Microfoundations, Macroeconomic Dynamics, and Monetary Policy (China Perspectives)
by Chengsi ZhangInflation plays a central role in macroeconomic and financial policy regulation, and its dynamic formation has gradually become a popular research topic in this field. This book comprehensively studies the dynamic mechanism of inflation in China from the perspective of New Keynesian economics. By combining the dynamic trajectory of price changes since China's reform and opening-up under Deng Xiaoping as well as the underlying economic operating characteristics, the book deploys a multifaceted approach to understand the mechanism of inflation dynamics. The author explores the microfoundations of inflation dynamics, and underlines their importance in the context of modern monetary policy. In particular, he builds upon the traditional New Keynesian Phillips curve to include factors of globalization and financialization within the inflation formation regime of modern China. As the book explores the dynamic mechanism of China's inflation from different perspectives including inflation cycle theory, price index internal conduction, price index chain transmission, capital rotation, and industry inflation mechanisms, international readers will gain a full understanding of China's inflation, monetary policy, and economy.
Inflation in Deutschland und dem Euroraum – ein Überblick (essentials)
by Horst Gischer Bernhard Herz Lukas MenkhoffDer vorliegende Open-Access-Band analysiert die relevanten ökonomischen Zusammenhänge der Inflation in Bezug auf die Entstehung und die Folgen von nachhaltigen Steigerungen des Preisniveaus einer Volkswirtschaft. Nach einer langen Periode stabiler Preise ist die Gefahr einer dauerhaften Inflation unerwartet wieder in den Blickpunkt von Wirtschaft und Politik geraten. Begleitend werden die Messkonzepte der Inflation sowie die Möglichkeiten und Grenzen zur Wiederherstellung der Geldwertstabilität durch eine Zentralbank beschrieben.
Inflation in Emerging and Developing Economies: Evolution, Drivers, and Policies
by M. Ayhan Kose Franziska Ohnsorge Jongrim HaThis is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.