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Models of Inflation and the Costs of Disinflation
Mr.Bankim ChadhaMr.Paul R. MassonMr.Guy Meredith
出版International Monetary Fund, 1991-10-01
主題Business & Economics / InflationBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Production & Operations Management
ISBN14519494809781451949483
URLhttp://books.google.com.hk/books?id=kGQYEAAAQBAJ&hl=&source=gbs_api
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註釋This paper focuses on the output costs of disinflation. A model of inflation with both forward and backward elements seems to characterize reality. Such an inflation model is estimated using data for industrial countries, and the output costs of a disinflation path are calculated, first analytically in a simple theoretical model, then by simulation of a global, multi-region empirical model. The credibility of a preannounced path for money consistent with the lowest output loss is considered. An alternative, more credible policy may be to announce an exchange rate peg to a low inflation currency.