Download or read book Globalization and Inflation output Tradeoffs written by Assaf Razin and published by . This book was released on 2005 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: "We demonstrate how capital account and trade account liberalizations help reduce inefficiencies associated with the fluctuations in the output gap, relative to the inefficiencies associated with the fluctuations in inflation. With capital account liberalization the representative household is able to smooth fluctuations in consumption, and thus becomes relatively insensitive to fluctuations in the output gap. With trade liberalization the economy tends to specialize in production but not in consumption. The correlation between fluctuations in the output gap and aggregate consumption is therefore weakened by trade openness; hence a smaller weight on the output gap in the utility-based loss function, compared to the closed economy situations. A key implication of the theory is that globalization forces could induce monetary authorities, to put a greater emphasis on reducing the inflation rate than on narrowing the output gaps. We provide a re- interpretation of the evidence on the effect of openness on the sacrifice ratio which supports the prediction of the theory"--National Bureau of Economic Research web site.
Download or read book Inflation output Tradeoffs as Equilibrium Outcome of Globalization written by Alon Binyamini and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Globalization and the Output inflation Tradeoff written by Sylvester C. W. Eijffinger and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation output Tradeoffs as Equilibrium Outcome of Globalization written by Alon Binyamini and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between inflation and activity. Second, the same globalization forces lead the welfare-based monetary policy to be more aggressive with regard to inflation fluctuations, and at the same time, more benign with respect to the output-gap fluctuations. Third, the equilibrium response of inflation to supply and demand shocks is more moderate, and the response of the output gap to these shocks is more pronounced, when the economy opens up; under such welfare-based monetary policy.
Download or read book Flattened Inflation output Tradeoff and Enhanced Anti inflation Policy written by Assaf Razin and published by . This book was released on 2007 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides a unified analysis of globalization effects on the Phillips curve and monetary policy, in a New-Keynesian framework. The main proposition of the paper is twofold. Labor, goods, and capital mobility flatten the tradeoff between inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more benign with respect to the output-gap fluctuations.
Download or read book Globalization the output inflation tradeoff and inflation written by Harald Badinger and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation output Trade offs and the Implications for Monetary Policy written by Alexander Lammertsma and published by . This book was released on 1997 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Some International Evidence on Output inflation Tradeoffs written by Robert E. Lucas (Jr.) and published by . This book was released on 2011 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This article introduces a tight but stylized model in which market participants must make decisions without knowing whether local changes in price signal changes in relative price or merely reflect changes in the general price level; they do, however, know the statistical properties of both processes. From this basis emerges a naturalrate model in which the ratio of real-output change to price-level change in response to exogenous shifts in aggregate expenditure depends on the relative variance of those processes. Time-series cross-section data for a number of countries provide some weak evidence consistent with the basic conclusion. The underlying assumption has gone out of favor, but the modeling technique has been very influential."--Abstract.
Download or read book Is Globalization Weakening the Inflation Output Relationship written by Antonia López-Villavicencio and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether trade and financial openness has weakened the inflation-output trade-off and caused a shift in the preferences of monetary authorities. Based on the backward-looking Phillips curve and a Taylor-type interest rate rule, our results for France, the UK and the USA for the 1970-2012 period do not provide support for the relevance of globalization in making inflation less responsive to output expansions. Moreover, the change of preferences of Central Banks towards growth-oriented objectives is neither due to higher trade nor to financial globalization.
Download or read book Some International Evidence on Output inflation Tradeoffs written by Alex Cukierman and published by . This book was released on 1977 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Inflation Output Trade Off Revisited written by Gauti B. Eggertsson and published by . This book was released on 2013-05-12 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Some International Evidence on Output inflation Tradeoffs a Reappraisal written by Brian Bentley and published by London : Department of Economics, University of Western Ontario. This book was released on 1979 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Output inflation Trade offs Some New Evidence from Post war U S Quarterly Data written by Pierre L. (Pierre Leslie) Siklos and published by . This book was released on 1987 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expectations and Output inflation Tradeoffs in a Fixed Exchange Rate Economy written by Leonardo Leiderman and published by . This book was released on 1978 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Output Inflation Trade offs and the Optimal Inflation Rate written by Takushi Kurozumi and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Relative Price Variability and Output Inflation Tradeoffs in An Open Economy written by Leonardo Leiderman and published by . This book was released on 1980 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The New Output inflation Trade off written by Carl E. Walsh and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
