Obstacles to Disinflation: What is the Role of Fiscal Expectations?
Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper assesses the relative importance of these two factors during a number of disinflation a...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2004
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 04/111 |
| Online-Zugang: | BSB01 FAN01 FHA01 FKE01 FLA01 FNU01 LCO01 SBG01 SBR01 TUM01 UBA01 UBG01 UBM01 UBR01 UBT01 UBW01 UBY01 UEI01 UER01 UPA01 URL des Erstveröffentlichers |
| Zusammenfassung: | Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper assesses the relative importance of these two factors during a number of disinflation attempts in developing and transition economies. Using survey data, we find that expectations of future inflation play a much more important role than past inflation in shaping the inflation process. We also find that an improvement in primary fiscal balances significantly reduces inflation expectations. This suggests that during stabilization episodes, priority should be given to building fiscal credibility by strengthening public finances |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 1451853505 9781451853506 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:29Z |
| indexdate | 2024-07-10T09:35:38Z |
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| series2 | IMF Working Papers |
| spelling | Gelos, Gaston Verfasser (DE-588)123415381 aut Obstacles to Disinflation What is the Role of Fiscal Expectations? Gelos, Gaston Washington, D.C International Monetary Fund 2004 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/111 Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper assesses the relative importance of these two factors during a number of disinflation attempts in developing and transition economies. Using survey data, we find that expectations of future inflation play a much more important role than past inflation in shaping the inflation process. We also find that an improvement in primary fiscal balances significantly reduces inflation expectations. This suggests that during stabilization episodes, priority should be given to building fiscal credibility by strengthening public finances Online-Ausg Celasun, Oya Sonstige (DE-588)124774733 oth Prati, Alessandro 1961-2009 Sonstige (DE-588)170748855 oth http://elibrary.imf.org/view/IMF001/04992-9781451853506/04992-9781451853506/04992-9781451853506.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Gelos, Gaston Obstacles to Disinflation What is the Role of Fiscal Expectations? |
| title | Obstacles to Disinflation What is the Role of Fiscal Expectations? |
| title_auth | Obstacles to Disinflation What is the Role of Fiscal Expectations? |
| title_exact_search | Obstacles to Disinflation What is the Role of Fiscal Expectations? |
| title_exact_search_txtP | Obstacles to Disinflation What is the Role of Fiscal Expectations? |
| title_full | Obstacles to Disinflation What is the Role of Fiscal Expectations? Gelos, Gaston |
| title_fullStr | Obstacles to Disinflation What is the Role of Fiscal Expectations? Gelos, Gaston |
| title_full_unstemmed | Obstacles to Disinflation What is the Role of Fiscal Expectations? Gelos, Gaston |
| title_short | Obstacles to Disinflation |
| title_sort | obstacles to disinflation what is the role of fiscal expectations |
| title_sub | What is the Role of Fiscal Expectations? |
| url | http://elibrary.imf.org/view/IMF001/04992-9781451853506/04992-9781451853506/04992-9781451853506.xml |
| work_keys_str_mv | AT gelosgaston obstaclestodisinflationwhatistheroleoffiscalexpectations AT celasunoya obstaclestodisinflationwhatistheroleoffiscalexpectations AT pratialessandro obstaclestodisinflationwhatistheroleoffiscalexpectations |