Download or read book On Measures of Dispersion of Relative Prices Under Inflation written by José Luis Alberro and published by . This book was released on 1987 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation and Relative Price Dispersion written by Massimo Caruso and published by . This book was released on 1995 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of General Inflation and Idiosyncratic Cost Shocks on Within commodity Price Dispersion written by Joe Beaulieu and published by . This book was released on 1994 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money and the Dispersion of Relative Prices in the Drug and Apparel Industries written by Jorge M. Arroyo and published by . This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Relative Price Convergence in Russia written by Ms.Paula De Masi and published by International Monetary Fund. This book was released on 1995-06-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following price and exchange rate liberalization, domestic consumer prices in Russia moved closer to market levels. This paper quantifies the magnitude of the associated relative price changes. It also shows that relative price variability has been positively correlated with inflation. It is further established that convergence toward international relative and absolute price levels is far from complete, and that geographical price dispersion within Russia has declined since early 1992 but remains fairly high.
Download or read book Inflation and Relative Price Variability in the Short and Long Run written by David C. Parsley and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new evidence that a positive association exists between inflation and relative prices and relative inflation rates in very disaggregated data for the United States over the period 1975 through 1992. There is also evidence that the response of relative prices and relative inflation rates to inflation varies inversely with the information content of a given shock to inflation. The relationship is studied from two cross-sectional perspectives using individual price series collected from forty-eight U.S. cities. Evidence on the persistence of the effects of inflation on relative prices is also presented. Results here demonstrate the absence of a long run relationship between inflation and relative price dispersion, i.e., the two series are not cointegrated. Finally, results from vector autoregressions further imply the effect is smaller than indicated by typical estimates.
Download or read book Inflation written by Robert E. Hall and published by University of Chicago Press. This book was released on 2009-05-15 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the latest thoughts of a brilliant group of young economists on one of the most persistent economic problems facing the United States and the world, inflation. Rather than attempting an encyclopedic effort or offering specific policy recommendations, the contributors have emphasized the diagnosis of problems and the description of events that economists most thoroughly understand. Reflecting a dozen diverse views—many of which challenge established orthodoxy—they illuminate the economic and political processes involved in this important issue.
Download or read book Relative Price Variability and Inflation written by Guy Debelle and published by . This book was released on 1996 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross-section of US cities. We find this correlation to be a robust empirical regularity: cities which have higher than average inflation also have higher than average relative price dispersion, ceteris paribus. This result holds for different periods of time, different classes of goods, and across different time horizons. Our results suggest that at least part of the relationship between inflation and relative price variability cannot be explained by monetary factors
Download or read book Intercountry Differences in the Relationship Between Relative Price Variability and Average Prices written by Mick Silver and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence on the relationship between relative price variability and inflation. The model uses a consistently defined data set for nine European countries. It benefits from the inclusion and testing of the effects of macroeconomic variables and the incorporation into the measures of inflation and dispersion adjustments for timeliness, appropriate formulas, and proximity. The general findings of an effect on relative price variability by the macroeconomic environment and negative coefficients on unexpected inflation are supported by their occurrence in models estimated by seemingly unrelated regression and generalized least squares as well as a robust systems estimator.
Download or read book Price Level Convergence Relative Prices and Inflation in Europe written by John H. Rogers and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "If price levels are initially different across the euro area, convergence to a common level of prices would imply that inflation will be higher in countries where prices are initially low. Price level convergence thus provides a potential explanation for recent cross-country differences in European inflation, a worrisome development under the ECBs "one-size-fits-all" monetary policy. I present direct evidence on price level convergence in Europe, using a unique data set, and then investigate how much of the recent divergence of national inflation rates can be explained by price level convergence. I show that between 1990 and 1999 prices did become less dispersed in the euro area. Convergence is especially evident for traded goods, and more in the first half of the 1990s than the second half. By some measures, traded goods price dispersion across the euro area is now close to that across U.S. cities. Despite an on-going process of convergence, deviations from the law of one price are large. Finally, I find a statistically-significant and robust negative relationship between the 1999 price level and 2000 inflation rate in Europe, and that the contribution of price level convergence to explaining inflation differentials is often quite important economically. Still, factors other than price convergence explain most of the cross-country inflation differences."
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation 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.
Download or read book Inflation and Disinflation written by Leonardo Leiderman and published by University of Chicago Press. This book was released on 1993-07-15 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the early 1980s, Israel's inflation rate rose to almost 500% per year—one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman discusses why the Israeli plan worked and considers how other countries might benefit from similar policies. Even though standard economic models predict that output will drop and unemployment will rise during disinflation, Israel saw a boom in private consumption and large increases in real wages that lasted for about three years. To understand how the effects of Israeli disinflation policies defied typical expectations, Leiderman investigates how monetary fiscal policy determined Israel's runaway inflation and how the country brought its economy abruptly under control. He finds that rates of inflation and consumption depend on the public's expectations about future fiscal adjustments and that foreign trade shocks do not inevitably lead to a long-term rise in the inflation rate. His illumination of international trade and domestic policies, past and present, will interest academic economists and policymakers alike.
Download or read book Toward a More Accurate Measure of the Cost of Living written by United States. Congress. Senate. Advisory Commission to Study the Consumer Price Index and published by . This book was released on 1996 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Estimation of Inflation Equation written by Woong Kim and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation improves upon the estimation of inflation equation, using the additional measures of distribution of price changes and the optimum choice of instru- mental variables. The measures of dispersion and skewness of the cross-sectional distribution of price changes have been used in empirical analysis of inflation. In the first essay, we find that independent kurtosis effect can have a significant role in the approximation of inflation rate in addition to the dispersion and skewness. The kurtosis measure can improve the approximation of inflation in terms of goodness of fit. The second essay complements the first essay. It is well known that classical measures of moments are sensitive to outliers. It examines the presence of outliers in relative price changes and consider several robust alternative measures of dispersion and skewness. We find the significant relationship between inflation and robust measures of dispersion and skewness. In particular, medcouple as a measure of skewness is very useful in predicting inflation. The third essay estimates the Hybrid Phillips Curve using the optimal set of instrumental variables. Instrumental variables are usually selected from a large number of valid instruments on an ad hoc basis. It has been recognized in the literature that the estimates are sensitive to the choice of instrumental variables and to the choice of the measurement of inflation. This paper uses the L2-boosting method that selects the best instruments from a large number of valid weakly exogenous instruments. We find that boosted instruments produce more comparable estimates of parameters across different measures of inflation and a higher joint precision of the estimates. Instruments boosted from principal compo- nents tend to give a little better results than the instruments from observed variables, but no significant difference is found between the ordinary and generalized principal components.
Download or read book Expectations Anchoring and Inflation Persistence written by Mr.Rudolfs Bems and published by International Monetary Fund. This book was released on 2018-12-11 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the response of consumer prices to terms-of-trade shocks for countries with flexible exchange rates. We find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.
Download or read book Disinflation in Transition Economies written by Ms.Sharmini Coorey and published by International Monetary Fund. This book was released on 1996-12-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.
Download or read book The Political Economy of Monetary Reform written by Robert Z. Aliber and published by Springer. This book was released on 1977-06-17 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt:
