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The Structuralist Theory of Inflation and Structural Inflation in Chile, 1950-1972
Jorge David Dresdner C.
其他書名
The Lagging Food Supply Hypothesis Revisited
出版Uppsala University, 1990
主題Business & Economics / Economic ConditionsBusiness & Economics / Money & Monetary Policy
ISBN915542628X9789155426286
URLhttp://books.google.com.hk/books?id=1bQrAAAAIAAJ&hl=&source=gbs_api
註釋This study investigates the agricultural bottenleneck hypothesis of the structuralist inflation approach. It presents a consistent model of inflation based on the main assumptions of the structuralist approach. The structure of the model is based on the distinction between structural inflationary pressure and propagation mechanism. the period 1950-1972. The stability of the inflation process is investigated and inflation multiplier estimates are derived for all the exogenous variables in the model. Only a small fraction of the persistent and high inflation during the period can be explained as a result of the structural inflationary pressure. An important factor that explains the high and persistent inflation is the existence of a powerful propagation mechanism of inflation. This means that any exogenous disturbance that affects an important price in the economy can have significant inflationary effects. It seems that the explanation of persistent inflation should be focused on this propagation mechanism.