Author: Venoo Kakar Publisher: ISBN: 9781303507083 Category : Consumer credit Languages : en Pages : 142
Book Description
This dissertation contributes to two areas of Macroeconomics: (1) welfare effects of inflation and (2) monetary policy and asset prices. The first chapter focuses on examining the redistributional effects of inflation in the United States in a cash-in-advance economy framework. Most literature on the welfare effects of inflation has largely focused on the aggregate welfare effects of inflation without much assessment about it's redistributional effects. The first chapter examines, quantitatively, how different income brackets in the U.S. would be impacted in terms of consumption and asset positions if long-run inflation were to rise
Author: Thomas M. Humphrey Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 464
Book Description
Money, Banking and Inflation focuses on such traditional central banking concerns as money stock control, price level stabilization, interest rates smoothing, exchange rate targeting, lender-of-last-resort responsibilities, limitations imposed by short-run tradeoffs and non-neutralities, and appropriate responses to supply shocks.
Author: Michael D. Bordo Publisher: University of Chicago Press ISBN: 0226066959 Category : Business & Economics Languages : en Pages : 545
Book Description
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Author: John Smithin Publisher: World Scientific Publishing Company ISBN: 9814525294 Category : Business & Economics Languages : en Pages : 341
Book Description
This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.
Author: Tuan Anh Phan Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This thesis presents four self-contained empirical research papers on monetary policy and monetary transmission using vector autoregression (VAR), structural VAR (SVAR), and Bayesian time-varying parameter VAR (TVP-VAR) models. The first two papers compare aspects of monetary policy and transmission in selected developed countries: Australia, the US, and the Euro area (Chapter 3); and Australia, the US, UK, and Canada (Chapter 4). The last two papers (Chapters 5 and 6) explore monetary policy and effects of monetary policy on inflation in Vietnam - a transition developing country. The empirical results indicate that the investment channel of monetary policy transmission plays a more important role than the consumption channel in Australia. Meanwhile the investment channel and the consumption channel make similar contributions to the overall transmission of monetary policy in the Euro area and the US. The difference between Australia and the Euro area appears to come from differences in housing investment responses, whereas Australia differs from the US mainly because it has a lower share of household consumption in total demand. Results from TVP-VAR models suggest that there were comovements in the monetary policy reactions to unemployment across countries before the recent Global Financial Crisis (GFC). The policy rate seems to react more strongly to unemployment changes in more recent years, especially in the US and UK. Monetary policy responses to inflation/deflation are observed to be divided into two groups, with the responses in the US and UK showing a different pattern to the responses in Canada and Australia. Monetary policy seems to react most aggressively against inflation/deflation in the US. The effects of monetary policy shocks on unemployment and inflation are similar across countries, and seem to have weakened over time. Results also suggest that monetary policy transmission to inflation in a transition country like Vietnam appears to work in a similar way to as in developed countries. The impulse response functions of inflation to shocks in monetary policy are plausible and robust across the VAR and SVAR models. The policy interest rate plays an important role in affecting inflation. For the case of Vietnam as a small, open economy, shocks to output and prices in trading partners also appear to have strong effects on domestic inflation. Allowing for the time-varying nature of the parameters and variance/covariance matrices, the results suggest that the State Bank of Vietnam (SBV) appears to have been steadily using monetary policy tools to contain inflation. TVP-VAR results also confirm that monetary policy in Vietnam appears to lead to reasonable inflation responses. The evidence therefore supports the argument that Vietnam's monetary policy might be more effective than expected.
Author: Thomas M. Humphrey Publisher: ISBN: 9780894990885 Category : Business & Economics Languages : en Pages : 0
Book Description
This volume contains articles on the subject of inflation, most of which originally appeared in the Federal Reserve Bank of Richmonds Economic Review. Collectively the articles summarize the major issues current in contemporary discussions of the inflation problem. Topics covered include theories of inflation, reasons for its persistence, models of the inflationary transmission mechanism, the relationship between inflation and unemployment, the formulation of inflationary expectations, inflation and the demand for money, interest rates and inflation, international aspects of inflation under fixed and floating exchange rates, and the feasibility of alternative anti-inflationary policies. These topics are examined from the perspective of the history of economic doctrines as well as from that of modern economic analysis. The purpose is to indicate the basic similarities in classical and current analyses of inflation and to demonstrate that virtually all of the ideas, arguments, and policy views underlying modern inflation debates have their roots in earlier policy controversies. In this connection, the collection incorporates additional essays dealing with the monetarist-nonmonetarist debate, the exchange rate doctrines of early monetary theorists, the historical evolution of the money demand concept, and the policy lessons of the German hyperinflation. Finally, because inflation is primarily a monetary phenomenon in the sense that it cannot long continue without the monetary growth necessary to sustain it, this volume emphasizes inflation theories that highlight the relationship between money and prices and that strongly support a policy of strong, noninflationary growth.Additional essays deal with Keynes views on inflation, with Adam Smiths theory of the international adjustment mechanism, with a terms-of-trade-augmented model of the monetary approach to exchange rates, with David Humes and Henry Thorntons reconciliation of the quantity theory of money with the notion of a stable long-run trade-off between unemployment and inflation, with the early history of the Fisherian distinction between real and nominal interest rates, with the classical conception of the duties of the lender of last resort, and with the anti-growth views prevalent in the early 1970s. These topics are also examined from a monetarist doctrinal/historical position.There are articles on the Phillips curve, the MV=PQ equation of exchange, and the notion of the short-run nonneutrality of money. The text shows how these tools have been employed in inflation analysis, past and present.
Author: Venoo Kakar
Author: Thomas M. Humphrey
Author: Michael D. Bordo
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Author: Junhan Kim
Author: John Smithin
Author: John Henry Williams
Author: Tuan Anh Phan
Author: Thomas M. Humphrey
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