Why is inflation skewed?: a debt and volatility story
This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is positively skewed. We investigate linkages between skewness and non-linearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is sy...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1994
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4837 |
| Schlagworte: | |
| Zusammenfassung: | This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is positively skewed. We investigate linkages between skewness and non-linearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is symmetrically distributed. We construct a public finance model for a developing country that uses inflation tax and external borrowing as the residual means for fiscal financing. The model predicts a convex dependency of inflation on output, where inflation skewness depends positively on inflation volatility, and external debt difficulties magnify the skewness. We conclude the paper with an assessment of the patterns of inflation between 1979-1993 for the 56 countries. Overall, the patterns are consistent with the predictions of the model. |
| Beschreibung: | 25 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4837 | |
| 520 | |a This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is positively skewed. We investigate linkages between skewness and non-linearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is symmetrically distributed. We construct a public finance model for a developing country that uses inflation tax and external borrowing as the residual means for fiscal financing. The model predicts a convex dependency of inflation on output, where inflation skewness depends positively on inflation volatility, and external debt difficulties magnify the skewness. We conclude the paper with an assessment of the patterns of inflation between 1979-1993 for the 56 countries. Overall, the patterns are consistent with the predictions of the model. | ||
| 648 | 4 | |a Geschichte 1900-2000 | |
| 650 | 4 | |a Geschichte | |
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Debts, External |x Mathematical models | |
| 650 | 4 | |a Inflation (Finance) |x Mathematical models | |
| 650 | 4 | |a Macroeconomics |x History |y 20th century | |
| 700 | 1 | |a Hausmann, Ricardo |e Verfasser |0 (DE-588)114734712 |4 aut | |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4837 |w (DE-604)BV002801238 |9 4837 | |
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| id | DE-604.BV010011754 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:44:55Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006638485 |
| oclc_num | 41022595 |
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| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 25 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Aizenman, Joshua 1949- Verfasser (DE-588)124080057 aut Why is inflation skewed? a debt and volatility story Joshua Aizenman ; Ricardo Hausmann Cambridge, Mass. 1994 25 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4837 This paper studies the patterns of inflation skewness in 56 countries. Monthly data suggests that inflation is positively skewed. We investigate linkages between skewness and non-linearity, showing that concavity (convexity) will lead to negative (positive) skewness if the independent variable is symmetrically distributed. We construct a public finance model for a developing country that uses inflation tax and external borrowing as the residual means for fiscal financing. The model predicts a convex dependency of inflation on output, where inflation skewness depends positively on inflation volatility, and external debt difficulties magnify the skewness. We conclude the paper with an assessment of the patterns of inflation between 1979-1993 for the 56 countries. Overall, the patterns are consistent with the predictions of the model. Geschichte 1900-2000 Geschichte Mathematisches Modell Debts, External Mathematical models Inflation (Finance) Mathematical models Macroeconomics History 20th century Hausmann, Ricardo Verfasser (DE-588)114734712 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4837 (DE-604)BV002801238 4837 |
| spellingShingle | Aizenman, Joshua 1949- Hausmann, Ricardo Why is inflation skewed? a debt and volatility story National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Geschichte Mathematisches Modell Debts, External Mathematical models Inflation (Finance) Mathematical models Macroeconomics History 20th century |
| title | Why is inflation skewed? a debt and volatility story |
| title_auth | Why is inflation skewed? a debt and volatility story |
| title_exact_search | Why is inflation skewed? a debt and volatility story |
| title_full | Why is inflation skewed? a debt and volatility story Joshua Aizenman ; Ricardo Hausmann |
| title_fullStr | Why is inflation skewed? a debt and volatility story Joshua Aizenman ; Ricardo Hausmann |
| title_full_unstemmed | Why is inflation skewed? a debt and volatility story Joshua Aizenman ; Ricardo Hausmann |
| title_short | Why is inflation skewed? |
| title_sort | why is inflation skewed a debt and volatility story |
| title_sub | a debt and volatility story |
| topic | Geschichte Mathematisches Modell Debts, External Mathematical models Inflation (Finance) Mathematical models Macroeconomics History 20th century |
| topic_facet | Geschichte Mathematisches Modell Debts, External Mathematical models Inflation (Finance) Mathematical models Macroeconomics History 20th century |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT aizenmanjoshua whyisinflationskewedadebtandvolatilitystory AT hausmannricardo whyisinflationskewedadebtandvolatilitystory |