Inflation dynamic: global positive economic analysis
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London ; New York
Routledge
2023
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| Series: | Routledge international studies in money and banking
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | xxiii, 333 Seiten Illustrationen, Diagramme |
| ISBN: | 9781032465449 9781032465470 |
Staff View
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| 245 | 1 | 0 | |a Inflation dynamic |b global positive economic analysis |c Weshah Razzak |
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Record in the Search Index
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Contents List ofFigures List of Tables 1 Introduction Theories ofInflation 4 Inflation Is Bad 6 Hyperinflation 8 Objectives 9 The Findings in Brief 10 The Organization of the Book 11 x xx 1 2 The Price Level and the Inflation the Data at a Glance: 1960-2021 13 3 The Quantity Theory of Money, Prices, and Output: The Equation of Exchange - the Quantity Theory of Money 26 4 Testing the Relationship Between Money and Prices Appendix 4.1: Dynamic OLS (DOLS) 56 29 5 Money Growth and Inflation The MENA Countries 59 The Latin and South American Countries 66 The African Countries 77 The Asian Countries 81 The Caribbean Countries 88 The Developed Inflation-Targeting Countries 89 The Cross-Sectional Evidence for Money Growth-Inflation Relationship 106 Appendix 5.1: Unit Root Tests with Break 107 57
viii Contents 6 The Neutrality of Money A Formal Representation ofMoney Neutrality 114 Does the Increase in the Quantity ofMoney Increase Real GDP in the Long Run? 115 Does the Increase in the Quantity of Money Increase Real GDP in the Short Run? 120 113 7 Why Do Central Banks Print More Money? Seigniorage Revenues 136 Government Consumption Expenditures 142 Excess Money and Asset Prices 162 135 8 The Phillips Curve, Anticipated Inflation, and Output Short-Run and Long-Run Phillips Curves 176 No Long-Run Money Illusion 179 The Phillips Curve Is a Mirage 190 Formation ofInflation Expectation Is a Challenging Specification Problem 192 Endogeneity 193 The Mismeasurement ofthe Output Gap and Expected Inflation 193 The Rational Expectations (RE), Policy Issues and the Phillips Curve 194 The Assumption ofPrice Stickiness 195 The Micro-Foundation for Sticky Prices 196 The Lucas Critique 197 Time Consistency and Inflation Bias 199 Reputation 200 Rational Expectations and the Rules versus Discretion Argument 201 The Variance ofDemand Management Policy 202 Estimation of a Single-Equation Phillips Curve 202 The Stability of the New Keynesian Phillips Curve Specification - Change in Inflation and the Output Gap 207 172 9 Estimating the Phillips Curve Measuring Expected Inflation 218 The Estimation of the Phillips Curve 222 Appendix 9.1: Order and Rank Conditions for Identifying the System 245 Appendix 9.2: The Solver of the Model 247 217
Contents ix 10 The “Newer” Theories and Models of Inflation The New Phillips Curve 248 The Sticky Information Model 252 The P Model 252 The Fiscal Theory ofPrice Level and Inflation ֊ FTOPLandFTOI 253 The Government Budget Constraint 254 The Central Bank Budget Constraint 254 The Consolidated Government Budget Constraint 254 The Intertemporal Government Budget Constraint 255 The Fiscal Theory ofInflation - FTOI 256 The Fiscal Theory ofthe Price Level - FTOPL 257 The Modern Monetary Theory - MMT 258 The Household 260 The Firm 260 Appendix 10.1 280 Table A 10.1 UK Cointegration Summary Statistics of a Number ofDifferent Specifications 280 Table Al0.2 Norway Cointegration Summary Statistics of a Number ofDifferent Specifications 281 248 11 Reducing Inflation The Model 284 The Household 285 The Firm 285 r* for the United States 289 Appendix 11.1: Data Appendix 293 283 12 Summary and Conclusion 295 References Index 300 312 |
| adam_txt |
Contents List ofFigures List of Tables 1 Introduction Theories ofInflation 4 Inflation Is Bad 6 Hyperinflation 8 Objectives 9 The Findings in Brief 10 The Organization of the Book 11 x xx 1 2 The Price Level and the Inflation the Data at a Glance: 1960-2021 13 3 The Quantity Theory of Money, Prices, and Output: The Equation of Exchange - the Quantity Theory of Money 26 4 Testing the Relationship Between Money and Prices Appendix 4.1: Dynamic OLS (DOLS) 56 29 5 Money Growth and Inflation The MENA Countries 59 The Latin and South American Countries 66 The African Countries 77 The Asian Countries 81 The Caribbean Countries 88 The Developed Inflation-Targeting Countries 89 The Cross-Sectional Evidence for Money Growth-Inflation Relationship 106 Appendix 5.1: Unit Root Tests with Break 107 57
viii Contents 6 The Neutrality of Money A Formal Representation ofMoney Neutrality 114 Does the Increase in the Quantity ofMoney Increase Real GDP in the Long Run? 115 Does the Increase in the Quantity of Money Increase Real GDP in the Short Run? 120 113 7 Why Do Central Banks Print More Money? Seigniorage Revenues 136 Government Consumption Expenditures 142 Excess Money and Asset Prices 162 135 8 The Phillips Curve, Anticipated Inflation, and Output Short-Run and Long-Run Phillips Curves 176 No Long-Run Money Illusion 179 The Phillips Curve Is a Mirage 190 Formation ofInflation Expectation Is a Challenging Specification Problem 192 Endogeneity 193 The Mismeasurement ofthe Output Gap and Expected Inflation 193 The Rational Expectations (RE), Policy Issues and the Phillips Curve 194 The Assumption ofPrice Stickiness 195 The Micro-Foundation for Sticky Prices 196 The Lucas Critique 197 Time Consistency and Inflation Bias 199 Reputation 200 Rational Expectations and the Rules versus Discretion Argument 201 The Variance ofDemand Management Policy 202 Estimation of a Single-Equation Phillips Curve 202 The Stability of the New Keynesian Phillips Curve Specification - Change in Inflation and the Output Gap 207 172 9 Estimating the Phillips Curve Measuring Expected Inflation 218 The Estimation of the Phillips Curve 222 Appendix 9.1: Order and Rank Conditions for Identifying the System 245 Appendix 9.2: The Solver of the Model 247 217
Contents ix 10 The “Newer” Theories and Models of Inflation The New Phillips Curve 248 The Sticky Information Model 252 The P Model 252 The Fiscal Theory ofPrice Level and Inflation ֊ FTOPLandFTOI 253 The Government Budget Constraint 254 The Central Bank Budget Constraint 254 The Consolidated Government Budget Constraint 254 The Intertemporal Government Budget Constraint 255 The Fiscal Theory ofInflation - FTOI 256 The Fiscal Theory ofthe Price Level - FTOPL 257 The Modern Monetary Theory - MMT 258 The Household 260 The Firm 260 Appendix 10.1 280 Table A 10.1 UK Cointegration Summary Statistics of a Number ofDifferent Specifications 280 Table Al0.2 Norway Cointegration Summary Statistics of a Number ofDifferent Specifications 281 248 11 Reducing Inflation The Model 284 The Household 285 The Firm 285 r* for the United States 289 Appendix 11.1: Data Appendix 293 283 12 Summary and Conclusion 295 References Index 300 312 |
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| discipline | Wirtschaftswissenschaften |
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| index_date | 2024-07-03T22:14:02Z |
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| series2 | Routledge international studies in money and banking |
| spelling | Razzak, Weshah A. Verfasser (DE-588)171424573 aut Inflation dynamic global positive economic analysis Weshah Razzak London ; New York Routledge 2023 xxiii, 333 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Routledge international studies in money and banking Includes bibliographical references and index Inflation (DE-588)4026887-1 gnd rswk-swf Inflationsbekämpfung (DE-588)4161661-3 gnd rswk-swf Inflation (Finance) / Case studies Inflation (Finance) / Econometric models Macroeconomics Inflation (Finance) / (OCoLC)fst00972450 Inflation (Finance) - Econometric models / (OCoLC)fst00972453 Macroeconomics / (OCoLC)fst01005221 Case studies / (OCoLC)fst01423765 Inflation (DE-588)4026887-1 s Inflationsbekämpfung (DE-588)4161661-3 s b DE-604 Erscheint auch als Online-Ausgabe 978-1-003-38221-8 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034284684&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Razzak, Weshah A. Inflation dynamic global positive economic analysis Inflation (DE-588)4026887-1 gnd Inflationsbekämpfung (DE-588)4161661-3 gnd |
| subject_GND | (DE-588)4026887-1 (DE-588)4161661-3 |
| title | Inflation dynamic global positive economic analysis |
| title_auth | Inflation dynamic global positive economic analysis |
| title_exact_search | Inflation dynamic global positive economic analysis |
| title_exact_search_txtP | Inflation dynamic global positive economic analysis |
| title_full | Inflation dynamic global positive economic analysis Weshah Razzak |
| title_fullStr | Inflation dynamic global positive economic analysis Weshah Razzak |
| title_full_unstemmed | Inflation dynamic global positive economic analysis Weshah Razzak |
| title_short | Inflation dynamic |
| title_sort | inflation dynamic global positive economic analysis |
| title_sub | global positive economic analysis |
| topic | Inflation (DE-588)4026887-1 gnd Inflationsbekämpfung (DE-588)4161661-3 gnd |
| topic_facet | Inflation Inflationsbekämpfung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034284684&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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