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High Inflation, Growth Crisis, and Reform: Historical Perspective and Brief Overview

Michael Bruno

in Crisis, Stabilization, and Economic Reform: Therapy by Consensus

Published in print:
1993
Published Online:
September 2006
ISBN:
9780198286639
eISBN:
9780191603839
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198286635.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter begins with a comparison of the recent inflationary experiences of heavily indebted and middle-income countries. It then discusses the historical antecedents of high inflation rates, ... More


Monetary Policy in Egypt: A Retrospective and Preparedness for Inflation Targeting

Hanaa Kheir-El-Din

in What Drives Prices in Egypt?: An Analysis in Light of International Experience

Published in print:
2009
Published Online:
September 2011
ISBN:
9789774163036
eISBN:
9781617970344
Item type:
chapter
Publisher:
American University in Cairo Press
DOI:
10.5743/cairo/9789774163036.003.0005
Subject:
Political Science, Political Economy

Inflation targeting (IT) has become an increasingly popular monetary policy strategy, with around twenty-one countries, eight industrial and thirteen emerging markets, now inflation targeters. ... More


The Great Inflation Drift

Marvin Goodfriend and Robert G. King

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the rise and variability in inflation rates in the United States in the 1970s using two aspects of Federal Reserve policy behavior during the period—smoothing short-term ... More


Inflation and Growth in Egypt: Is There a Threshold Effect?

Hanaa Kheir-El-Din

in What Drives Prices in Egypt?: An Analysis in Light of International Experience

Published in print:
2009
Published Online:
September 2011
ISBN:
9789774163036
eISBN:
9781617970344
Item type:
chapter
Publisher:
American University in Cairo Press
DOI:
10.5743/cairo/9789774163036.003.0004
Subject:
Political Science, Political Economy

To investigate the relationship between two of the most important and most closely monitored macroeconomic variables: inflation and growth are the main purpose of this chapter. It is generally agreed ... More


The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes

Riccardo DiCecio and Edward Nelson

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the Great Inflation in the United States and the United Kingdom, arguing that both countries had similar experiences, and identifies the common themes in UK and US policymaking. ... More


Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation

Andrew Levin and John B. Taylor

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the evolution of long-run inflation expectations and models the stance of US monetary policy from 1960 to 1980. It begins by considering several distinct measures of long-run ... More


The Supply-Shock Explanation of the Great Stagflation Revisited

Alan S. Blinder and Jeremy B. Rudd

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Previous studies have concluded that the two OPEC shocks, the two roughly contemporaneous food price shocks, and the removal of wage-price controls in 1973–1974 played key roles in the macroeconomic ... More


Monetary Policy Mistakes and the Evolution of Inflation Expectations

Athanasios Orphanides and John C. Williams

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter uses a three-equation model based on a New Keynesian Phillips curve, real-time data on the unemployment gap, and forecasted survey data on expected inflation to test the efficiency of ... More


Great Inflation and Central Bank Independence in Japan

Takatoshi Ito

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes Japan’s experience during the Great Inflation in the 1970s, first reviewing the 120-year history of inflation in Japan. It then describes the economic events, political ... More


Should Inflation Targeters Intervene in the Foreign Exchange Market?

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter addresses whether foreign exchange (FX) intervention—and, more generally, activist policies including the use of macroprudential measures and capital controls—is really incompatible with ... More


Bretton Woods and the Great Inflation

Michael D. Bordo and Barry Eichengreen

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter argues that international considerations had an important influence on Federal Reserve policymaking in the early 1960s, and that adherence to the Bretton Woods peg of the price of gold ... More


Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999–2004

Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe (eds)

in Monetary Policy with Very Low Inflation in the Pacific Rim

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.003.0007
Subject:
Economics and Finance, South and East Asia

This chapter employs both theoretical and empirical tools to examine Japanese macroeconomic stabilization over the past five years. The role of fiscal policy in a liquidity trap is reviewed. It is ... More


Macroeconomic Uncertainty in a Corporate Perspective

Lars Oxelheim and Clas Wihlborg

in Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

Published in print:
2008
Published Online:
May 2009
ISBN:
9780195335743
eISBN:
9780199868964
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335743.003.0001
Subject:
Economics and Finance, Financial Economics

The theme of this book is that a meaningful strategy for managing risk, exploiting opportunities, and assessing performance requires that the interdependence among macroeconomic variables is ... More


Allais’s HRL Formulation: Illustration of Its Dynamic Properties by an Example of Hyperinflation (Zimbabwe 2000–2008)

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0007
Subject:
Economics and Finance, Behavioural Economics

This chapter illustrates the dynamic properties of the HRL formulation by means of a detailed numerical example based on the hyperinflation observed in Zimbabwe between 2000 and 2008. It first ... More


The Macroeconomic Effects of Oil Price Shocks: Why Are the 2000s so Different from the 1970s?

Olivier J. Blanchard and Jordi Galí

in International Dimensions of Monetary Policy

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226278865
eISBN:
9780226278872
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226278872.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the large output losses and the rises in inflation rates that accompanied the two oil shocks of 1970 in most industrialized countries, and shows the more recent absence of ... More


The Inflation-Targeting Debate

Ben S. Bernanke and Michael Woodford (eds)

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.001.0001
Subject:
Economics and Finance, Financial Economics

Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in ... More


A Macro-theoretic Survey of Monetary Policy in a Closed Economy

Rohit Azad and C. Saratchand

in Economics: Volume 3: Macroeconomics

Published in print:
2015
Published Online:
September 2016
ISBN:
9780199458950
eISBN:
9780199086900
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199458950.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Monetary policy has been under discussion both before and after Keynes’s General Theory. While he was sceptical of its efficacy, the current mainstream macroeconomic consensus accords it primacy in ... More


Introduction

Ben S. Bernanke and Michael Woodford

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0001
Subject:
Economics and Finance, Financial Economics

Since about 1990, a significant number of industrialized and middle-income countries have adopted inflation targeting as their framework for making monetary policy. As the name suggests, in an ... More


Understanding Liabilities

Philippe-N. Marcaillou

in Defined Benefit Pension Schemes in the United Kingdom: Asset and Liability Management

Published in print:
2016
Published Online:
May 2016
ISBN:
9780198738794
eISBN:
9780191802003
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198738794.003.0003
Subject:
Economics and Finance, Financial Economics

Chapter 3 provides an understanding of how expected liability cash flows and their present values are calculated and series of future payments are distributed. Readers will understand the difference ... More


Monetary Policy with Very Low Inflation in the Pacific Rim

Takatoshi Ito and Andrew K. Rose (eds)

Published in print:
2006
Published Online:
February 2013
ISBN:
9780226378978
eISBN:
9780226379012
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226379012.001.0001
Subject:
Economics and Finance, South and East Asia

Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced ... More


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