Moderate Inflation:The Experience of Transition Economies
International Monetary Fund, 1998 - Business & Economics - 283 pages
Many countries, including several transition economies, have in the last few years recorded a sharp decline in inflation, but have been unable to bring inflation down to lower single digits or to achieve price stability. In these countries, inflation has stabilized at moderate levels, with further progress becoming seemingly more difficult. What are the problems created by moderate inflation? What is the appropriate speed of disinflation? These and other issues related to disinflation in transition economies are taken up in this book, edited by Carlo Cottarelli and Gyorgy Szapáry.
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Moderate Inflation: The Experience of Transition Economies
Carlo Cottarelli,György Szapáry
Limited preview - 1998
achieved administered prices Balassa-Samuelson effect Baltics Bank of Hungary budget capital inflows central bank consumer price index costs of disinflation countries credibility Croatia current account Czech Republic debt decline demand disinflation domestic Eastern Europe effect Estonia exchange rate policy exchange rate regime external factor fiscal policy flation high inflation Hungary important incomes policy inflation rate initial interest rates International Monetary Fund labor Latvia macroeconomic menu costs moderate inflation Moldova monetary policy money growth National Bank nominal wages nontradables paper percent change percent of GDP period Poland policymakers price increases productivity growth real appreciation real exchange rate real wages reducing inflation reform relative price adjustment relative price changes relative price variability restructuring result role sacrifice ratio sample sector seigniorage significant skewness Slovenia stabilization Statistics sterilization structural substantial Table tightening tion tradables trade transition economies unemployment variance wage growth