The International Transmission of Inflation
University of Chicago Press, Apr 15, 2008 - Reference - 744 pages
Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical conclusions concerning the causes of international inflation.
The authors construct a consistent data base of information for eight countries and design a theoretically sound model to test and evaluate competing hypotheses incorporating the most recent theoretical developments. Additional chapters address an impressive variety of issues that complement and corroborate the core of the study. They answer such questions as these: Can countries conduct an independent monetary policy under fixed exchange rates? How closely tied are product prices across countries? How are disturbances transmitted across countries?
The International Transmission of Inflation is an important contribution to international monetary economics in furnishing an invaluable empirical foundation for future investigation and discussion.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
4A log aggregate demand Annual Rates balance of payments balance-of-payments Canada Canadian Dollars capital flows central bank changes chapter coefficients currency current account Darby data were originally deflator deposits Description dollar Economic effects endogenous estimates exchange-rate exogenous expected exports Federal Reserve floating foreign assets foreign exchange foreign exchange market France Germany gold growth rate high-powered money hypothesis imports increase inflation rate interest rate International Transmission Italy Japan lagged logarithmic long-run monetary approach monetary control monetary policy money demand money growth Money Stock money supply monthly Netherlands nominal money nonreserve countries official oil price originally in millions output parity pegged exchange rates period portfolio price equation price level Product purchasing power parity quarterly rates Rates in Billions reaction function real income regressions relative price shocks short-run significant simulation Source speculative variables standard errors Statistics steady-state sterilization tion U.S. dollar United Kingdom