The international transmission of inflation / Michael R. Darby, James R. Lothian ... [et al.].

Format:

Book

Author/Creator:

Darby, Michael R.

Contributor:

Lothian, James R.

Series:

National Bureau of Economic Research monograph.

National Bureau of Economic Research monograph

Language:

English

Subjects (All):

Inflation (Finance).

International finance.

Inflation (Finance)--Mathematical models.

International finance--Mathematical models.

Physical Description:

1 online resource (746 p.)

Edition:

1st ed.

Place of Publication:

Chicago : University of Chicago Press, 1983.

Language Note:

English

Summary:

Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970's. 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.

Contents:

Front matter

Contents

Preface

1. Introduction and Summary

2. The Postwar Institutional Evolution of the International Monetary System

3. The International Data Base: An Introductory Overview

4. The Timing of Monetary and Price Changes and the International Transmission of Inflation

Introduction

5. The Mark III International Transmission Model: Specification

6. The Mark III International Transmission Model: Estimates

7. International Transmission of Monetary and Fiscal Shocks under Pegged and Floating Exchange Rates: Simulation Experiments

8. The Importance of Oil Price Changes in the 1970's World Inflation

9. Actual versus Unanticipated Changes in Aggregate Demand Variables: A Sensitivity Analysis of the Real-Income Equation

10. Sterilization and Monetary Control: Concepts, Issues, and a Reduced-Form Test

11. Short-Run Independence of Monetary Policy under a Pegged Exchange-Rates System: An Econometric Approach

12. Effects of Open Market Operations and Foreign Exchange Market Operations under Flexible Exchange Rates

13. An Alternative Approach to International Capital Flows

14. International Price Behavior and the Demand for Money

15. Movements in Purchasing Power Parity: The Short and Long Runs

16. The United States as an Exogenous Source of World Inflation under the Bretton Woods System

17. Conclusions on the International Transmission of Inflation

Data Appendix

Author Index

Subject Index

Notes:

Description based upon print version of record.

Includes bibliographical references and indexes.

ISBN:

9786611430849

9781281430847

1281430846

9780226136431

0226136434

OCLC:

476229548