Disinflation, External Vulnerability, and Fiscal Intransigence :: some unpleasant Mundellian arithmetic /
This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2017.
|
| Schriftenreihe: | IMF working paper ;
WP/17/118. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate-a case of fiscal intransigence-central banks that pursue a disinflation on a 'go it alone' basis will cause the country's external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace's (1981) 'unpleasant monetarist arithmetic, ' in these circumstances, a 'go it alone' policy may successfully stabilize prices and output, but only on a short-term basis. |
| Beschreibung: | 1 online resource (35 pages) |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9781484301203 148430120X 1484300645 9781484300640 |
| ISSN: | 1018-5941 ; |
Internformat
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| 100 | 1 | |a Tanner, Evan C., |e author. | |
| 245 | 1 | 0 | |a Disinflation, External Vulnerability, and Fiscal Intransigence : |b some unpleasant Mundellian arithmetic / |c by Evan C. Tanner. |
| 260 | |a Washington, D.C. : |b International Monetary Fund, |c 2017. | ||
| 300 | |a 1 online resource (35 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/17/118 | |
| 504 | |a Includes bibliographical references and index. | ||
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Table of Contents; ABSTRACT; I. INTRODUCTION; II. A STATIC OPEN ECONOMY MACROECONOMIC MODEL; A. Net Exports and Inflation-Reduced Form Equations; III. ECONOMIC STABILIZATION: ELIMINATING EXTERNAL AND INTERNAL IMBALANCES; A. Graphical Treatment in the Spirit of Mundell (1962); B. The Perils of Fiscal Intransigence; C. Some Illustrative Examples (EML holds); D. Coordination versus Fiscal Intransigence if the EML Fails; IV. DISINFLATION, THE EXTERNAL POSITION, AND CREDIBILITY: A DYNAMIC ANALYSIS; A. The Toxic Mix Again: High Inflation, External Deficits, and Low Credibility. | |
| 505 | 8 | |a v. SUMMARY AND CONCLUSIONSVI. REFERENCES; VII. APPENDIX; A. Translating Percent of Potential Output into Currency Units; B. Model Parameters; FIGURES; 1: The Expanded Marshall-Lerner (EML) Condition; 2: Required Adjustments to Attain Internal Balance (?*=?); 3: Required Adjustments to Attain External Balance (nx*=nx); 4: Required Adjustments for Joint Stabilization -- EML holds; 5: Required Adjustments for Joint Stabilization -- EML fails; 6: External Debt (Percent of GDP); 7: Real Interest Rate (Domestic, in Percent); 8: Fiscal Adjustment (% of GDP; 9: Real Exchange Rate (Appreciation +). | |
| 505 | 8 | |a 10: Risk Premium (in Percent)11: Output Gap (in percent); TABLES; 1: External Vulnerability and Inflation: Selected Emerging Market Countries; 2: Adjustments Required for External and Internal Stabilization. | |
| 520 | 3 | |a This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate-a case of fiscal intransigence-central banks that pursue a disinflation on a 'go it alone' basis will cause the country's external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace's (1981) 'unpleasant monetarist arithmetic, ' in these circumstances, a 'go it alone' policy may successfully stabilize prices and output, but only on a short-term basis. | |
| 600 | 1 | 0 | |a Mundell, Robert A. |0 http://id.loc.gov/authorities/names/n50031983 |
| 600 | 1 | 7 | |a Mundell, Robert A. |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJc3HrftXm4KK9t9bF384q |
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| 650 | 0 | |a Economic policy |x Mathematical models. | |
| 650 | 0 | |a Monetary policy |x Mathematical models. |0 http://id.loc.gov/authorities/subjects/sh2003010512 | |
| 650 | 0 | |a Fiscal policy |x Mathematical models. | |
| 650 | 0 | |a Macroeconomics |x Mathematical models. |0 http://id.loc.gov/authorities/subjects/sh2008107160 | |
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| 758 | |i has work: |a Disinflation, External Vulnerability, and Fiscal Intransigence (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGBF6gdyRDvYXv3FrqTQ9C |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Tanner, Evan C. |t Disinflation, External Vulnerability, and Fiscal Intransigence. |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781484300640 |
| 830 | 0 | |a IMF working paper ; |v WP/17/118. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| contents | Cover; Table of Contents; ABSTRACT; I. INTRODUCTION; II. A STATIC OPEN ECONOMY MACROECONOMIC MODEL; A. Net Exports and Inflation-Reduced Form Equations; III. ECONOMIC STABILIZATION: ELIMINATING EXTERNAL AND INTERNAL IMBALANCES; A. Graphical Treatment in the Spirit of Mundell (1962); B. The Perils of Fiscal Intransigence; C. Some Illustrative Examples (EML holds); D. Coordination versus Fiscal Intransigence if the EML Fails; IV. DISINFLATION, THE EXTERNAL POSITION, AND CREDIBILITY: A DYNAMIC ANALYSIS; A. The Toxic Mix Again: High Inflation, External Deficits, and Low Credibility. v. SUMMARY AND CONCLUSIONSVI. REFERENCES; VII. APPENDIX; A. Translating Percent of Potential Output into Currency Units; B. Model Parameters; FIGURES; 1: The Expanded Marshall-Lerner (EML) Condition; 2: Required Adjustments to Attain Internal Balance (?*=?); 3: Required Adjustments to Attain External Balance (nx*=nx); 4: Required Adjustments for Joint Stabilization -- EML holds; 5: Required Adjustments for Joint Stabilization -- EML fails; 6: External Debt (Percent of GDP); 7: Real Interest Rate (Domestic, in Percent); 8: Fiscal Adjustment (% of GDP; 9: Real Exchange Rate (Appreciation +). 10: Risk Premium (in Percent)11: Output Gap (in percent); TABLES; 1: External Vulnerability and Inflation: Selected Emerging Market Countries; 2: Adjustments Required for External and Internal Stabilization. |
| ctrlnum | (OCoLC)989819671 |
| dewey-full | 339.5/01/51 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.5/01/51 |
| dewey-search | 339.5/01/51 |
| dewey-sort | 3339.5 11 251 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| indexdate | 2024-11-27T13:27:53Z |
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| issn | 1018-5941 ; |
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| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (35 pages) |
| psigel | ZDB-4-EBA |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper, |
| spelling | Tanner, Evan C., author. Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / by Evan C. Tanner. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (35 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper, 1018-5941 ; WP/17/118 Includes bibliographical references and index. Print version record. Cover; Table of Contents; ABSTRACT; I. INTRODUCTION; II. A STATIC OPEN ECONOMY MACROECONOMIC MODEL; A. Net Exports and Inflation-Reduced Form Equations; III. ECONOMIC STABILIZATION: ELIMINATING EXTERNAL AND INTERNAL IMBALANCES; A. Graphical Treatment in the Spirit of Mundell (1962); B. The Perils of Fiscal Intransigence; C. Some Illustrative Examples (EML holds); D. Coordination versus Fiscal Intransigence if the EML Fails; IV. DISINFLATION, THE EXTERNAL POSITION, AND CREDIBILITY: A DYNAMIC ANALYSIS; A. The Toxic Mix Again: High Inflation, External Deficits, and Low Credibility. v. SUMMARY AND CONCLUSIONSVI. REFERENCES; VII. APPENDIX; A. Translating Percent of Potential Output into Currency Units; B. Model Parameters; FIGURES; 1: The Expanded Marshall-Lerner (EML) Condition; 2: Required Adjustments to Attain Internal Balance (?*=?); 3: Required Adjustments to Attain External Balance (nx*=nx); 4: Required Adjustments for Joint Stabilization -- EML holds; 5: Required Adjustments for Joint Stabilization -- EML fails; 6: External Debt (Percent of GDP); 7: Real Interest Rate (Domestic, in Percent); 8: Fiscal Adjustment (% of GDP; 9: Real Exchange Rate (Appreciation +). 10: Risk Premium (in Percent)11: Output Gap (in percent); TABLES; 1: External Vulnerability and Inflation: Selected Emerging Market Countries; 2: Adjustments Required for External and Internal Stabilization. This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly coordinated. Unfortunately, if the fiscal authority is unwilling to cooperate-a case of fiscal intransigence-central banks that pursue a disinflation on a 'go it alone' basis will cause the country's external position to further deteriorate. A dynamic analysis shows that if the central bank itself lacks credibility in its inflation goal, it must rely even more on cooperation from the fiscal authority than otherwise. Echoing Sargent and Wallace's (1981) 'unpleasant monetarist arithmetic, ' in these circumstances, a 'go it alone' policy may successfully stabilize prices and output, but only on a short-term basis. Mundell, Robert A. http://id.loc.gov/authorities/names/n50031983 Mundell, Robert A. fast https://id.oclc.org/worldcat/entity/E39PBJc3HrftXm4KK9t9bF384q Economic development Mathematical models. http://id.loc.gov/authorities/subjects/sh94002825 Economic policy Mathematical models. Monetary policy Mathematical models. http://id.loc.gov/authorities/subjects/sh2003010512 Fiscal policy Mathematical models. Macroeconomics Mathematical models. http://id.loc.gov/authorities/subjects/sh2008107160 Capitalism Mathematical models. Développement économique Modèles mathématiques. Politique économique Modèles mathématiques. Politique monétaire Modèles mathématiques. Politique fiscale Modèles mathématiques. Macroéconomie Modèles mathématiques. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Capitalism Mathematical models fast Economic development Mathematical models fast Economic policy Mathematical models fast Fiscal policy Mathematical models fast Macroeconomics Mathematical models fast Monetary policy Mathematical models fast has work: Disinflation, External Vulnerability, and Fiscal Intransigence (Text) https://id.oclc.org/worldcat/entity/E39PCGBF6gdyRDvYXv3FrqTQ9C https://id.oclc.org/worldcat/ontology/hasWork Print version: Tanner, Evan C. Disinflation, External Vulnerability, and Fiscal Intransigence. Washington, D.C. : International Monetary Fund, ©2017 9781484300640 IMF working paper ; WP/17/118. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1529313 Volltext |
| spellingShingle | Tanner, Evan C. Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / IMF working paper ; Cover; Table of Contents; ABSTRACT; I. INTRODUCTION; II. A STATIC OPEN ECONOMY MACROECONOMIC MODEL; A. Net Exports and Inflation-Reduced Form Equations; III. ECONOMIC STABILIZATION: ELIMINATING EXTERNAL AND INTERNAL IMBALANCES; A. Graphical Treatment in the Spirit of Mundell (1962); B. The Perils of Fiscal Intransigence; C. Some Illustrative Examples (EML holds); D. Coordination versus Fiscal Intransigence if the EML Fails; IV. DISINFLATION, THE EXTERNAL POSITION, AND CREDIBILITY: A DYNAMIC ANALYSIS; A. The Toxic Mix Again: High Inflation, External Deficits, and Low Credibility. v. SUMMARY AND CONCLUSIONSVI. REFERENCES; VII. APPENDIX; A. Translating Percent of Potential Output into Currency Units; B. Model Parameters; FIGURES; 1: The Expanded Marshall-Lerner (EML) Condition; 2: Required Adjustments to Attain Internal Balance (?*=?); 3: Required Adjustments to Attain External Balance (nx*=nx); 4: Required Adjustments for Joint Stabilization -- EML holds; 5: Required Adjustments for Joint Stabilization -- EML fails; 6: External Debt (Percent of GDP); 7: Real Interest Rate (Domestic, in Percent); 8: Fiscal Adjustment (% of GDP; 9: Real Exchange Rate (Appreciation +). 10: Risk Premium (in Percent)11: Output Gap (in percent); TABLES; 1: External Vulnerability and Inflation: Selected Emerging Market Countries; 2: Adjustments Required for External and Internal Stabilization. Mundell, Robert A. http://id.loc.gov/authorities/names/n50031983 Mundell, Robert A. fast https://id.oclc.org/worldcat/entity/E39PBJc3HrftXm4KK9t9bF384q Economic development Mathematical models. http://id.loc.gov/authorities/subjects/sh94002825 Economic policy Mathematical models. Monetary policy Mathematical models. http://id.loc.gov/authorities/subjects/sh2003010512 Fiscal policy Mathematical models. Macroeconomics Mathematical models. http://id.loc.gov/authorities/subjects/sh2008107160 Capitalism Mathematical models. Développement économique Modèles mathématiques. Politique économique Modèles mathématiques. Politique monétaire Modèles mathématiques. Politique fiscale Modèles mathématiques. Macroéconomie Modèles mathématiques. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Capitalism Mathematical models fast Economic development Mathematical models fast Economic policy Mathematical models fast Fiscal policy Mathematical models fast Macroeconomics Mathematical models fast Monetary policy Mathematical models fast |
| subject_GND | http://id.loc.gov/authorities/names/n50031983 http://id.loc.gov/authorities/subjects/sh94002825 http://id.loc.gov/authorities/subjects/sh2003010512 http://id.loc.gov/authorities/subjects/sh2008107160 |
| title | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / |
| title_auth | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / |
| title_exact_search | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / |
| title_full | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / by Evan C. Tanner. |
| title_fullStr | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / by Evan C. Tanner. |
| title_full_unstemmed | Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic / by Evan C. Tanner. |
| title_short | Disinflation, External Vulnerability, and Fiscal Intransigence : |
| title_sort | disinflation external vulnerability and fiscal intransigence some unpleasant mundellian arithmetic |
| title_sub | some unpleasant Mundellian arithmetic / |
| topic | Mundell, Robert A. http://id.loc.gov/authorities/names/n50031983 Mundell, Robert A. fast https://id.oclc.org/worldcat/entity/E39PBJc3HrftXm4KK9t9bF384q Economic development Mathematical models. http://id.loc.gov/authorities/subjects/sh94002825 Economic policy Mathematical models. Monetary policy Mathematical models. http://id.loc.gov/authorities/subjects/sh2003010512 Fiscal policy Mathematical models. Macroeconomics Mathematical models. http://id.loc.gov/authorities/subjects/sh2008107160 Capitalism Mathematical models. Développement économique Modèles mathématiques. Politique économique Modèles mathématiques. Politique monétaire Modèles mathématiques. Politique fiscale Modèles mathématiques. Macroéconomie Modèles mathématiques. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh Capitalism Mathematical models fast Economic development Mathematical models fast Economic policy Mathematical models fast Fiscal policy Mathematical models fast Macroeconomics Mathematical models fast Monetary policy Mathematical models fast |
| topic_facet | Mundell, Robert A. Economic development Mathematical models. Economic policy Mathematical models. Monetary policy Mathematical models. Fiscal policy Mathematical models. Macroeconomics Mathematical models. Capitalism Mathematical models. Développement économique Modèles mathématiques. Politique économique Modèles mathématiques. Politique monétaire Modèles mathématiques. Politique fiscale Modèles mathématiques. Macroéconomie Modèles mathématiques. BUSINESS & ECONOMICS Economics Macroeconomics. POLITICAL SCIENCE Economic Conditions. Capitalism Mathematical models Economic development Mathematical models Economic policy Mathematical models Fiscal policy Mathematical models Macroeconomics Mathematical models Monetary policy Mathematical models |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1529313 |
| work_keys_str_mv | AT tannerevanc disinflationexternalvulnerabilityandfiscalintransigencesomeunpleasantmundellianarithmetic |