Disinflation and the Supply Side:
March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
1999
|
| Schlagworte: | |
| Online-Zugang: | URL des Erstveröffentlichers |
| Zusammenfassung: | March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenor@worldbank.org and lpizzati@worldbank.org |
| Beschreibung: | Weitere Ausgabe: Pizzati, Lodovico: Disinflation and the Supply Side |
| Beschreibung: | 1 Online-Ressource (38 Seiten) |
Internformat
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| 520 | 1 | |a March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenor@worldbank.org and lpizzati@worldbank.org | |
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| 653 | |a Stock | ||
| 653 | |a Supply | ||
| 653 | |a Wages | ||
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Datensatz im Suchindex
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| author | Pizzati, Lodovico Agénor, Pierre-Richard 1957- |
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| language | English |
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| physical | 1 Online-Ressource (38 Seiten) |
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| publishDate | 1999 |
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| publisher | The World Bank |
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| spellingShingle | Pizzati, Lodovico Agénor, Pierre-Richard 1957- Disinflation and the Supply Side |
| title | Disinflation and the Supply Side |
| title_auth | Disinflation and the Supply Side |
| title_exact_search | Disinflation and the Supply Side |
| title_full | Disinflation and the Supply Side Pizzati, Lodovico |
| title_fullStr | Disinflation and the Supply Side Pizzati, Lodovico |
| title_full_unstemmed | Disinflation and the Supply Side Pizzati, Lodovico |
| title_short | Disinflation and the Supply Side |
| title_sort | disinflation and the supply side |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2304 |
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