Making the most of high inflation

Charemza Wojciech; Makarova Svetlana; Shah Imran

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Making the most of high inflation

机译：充分利用高通胀

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摘要

This article examines the relationship between the real effects of inflation and its level in countries with frequent episodes of high inflation. The real effects are computed as asymmetric impulse responses of output to inflation separately in the regimes with different signs of the differences between the expected inflation and the predicted output-neutral inflation. It is found that, with the increase in inflation, such effects increase in the regime with the positive sign, relatively to the effects in the regime with the negative sign. It is also shown that this finding is valid for most countries with high inflation episodes, where inflation is greater than 4.8% for at least 25% of quarterly observations. This leads to a simple policy prescription that, in economies with frequent high inflation episodes, anti-inflationary monetary decisions are least damaging for output if undertaken in the periods when the difference between the expected and output-neutral inflation is negative.

机译：本文研究了通货膨胀率高的国家中，通货膨胀的实际影响与其水平之间的关系。实际效应被计算为在预期通货膨胀与预期的产出中性通货膨胀之间存在差异的不同迹象的体制下，输出对通货膨胀的非对称冲激响应。已经发现，随着通货膨胀的增加，相对于带有负号的制度，这种效应在带有正号的制度中的效应增加。研究还表明，这一发现对大多数通货膨胀率高的国家有效，对于至少25％的季度观察，通货膨胀率大于4.8％。这导致了一个简单的政策规定，即在通货膨胀频繁发生的经济体中，如果在预期和中性通胀之间的差异为负的时期内进行反通胀的货币决策，对生产的损害最小。

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来源
《Applied Economics》 |2015年第36期|3723-3739|共17页
作者
Charemza Wojciech; Makarova Svetlana; Shah Imran;
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作者单位

Univ Leicester, Dept Econ, Leicester LE1 7RH, Leics, England|AFiBV, Warsaw, Poland;

UCL, Sch Slavon & East European Studies, London WC1H 0BW, England;

Univ Bath, Dept Econ, Bath BA2 7AY, Avon, England;

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收录信息美国《科学引文索引》(SCI);
原文格式 PDF
正文语种 eng
中图分类
关键词
high inflation; real effect indicators; impulse response analysis; output-active inflation;

机译：高通胀;实际效果指标;脉冲响应分析;产出活跃型通胀;

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机译：通货膨胀动态，通胀在不同地平线和通胀不确定性的作用
2. Goods Inflation, Asset Inflation, and the Greatest Peacetime Inflation in the US [J] . Brendan Brown Atlantic economic journal . 2017,第4期

机译：货物通货膨胀，资产通货膨胀和美国最大的和平时期通货膨胀
3. MACROECONOMIC VARIABLES AND FOOD PRICE INFLATION, NON-FOOD PRICE INFLATION AND OVERALL INFLATION: A CASE OF AN EMERGING MARKET [J] . Raphael T Mpofu Risk Governance & Control: Financial Markets & Institutions . 2017,第2期

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4. Analysis of Effect of Tire Inflation Pressure, Inflation Fluids, Load and Speed on Tire Performance [C] . Dhananjay Ganpati Thombare Symposium on International Automotive Technology . 2019

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5. Item Response Modeling of Multivariate Count Data with Zero-Inflation, Maximum Inflation, and Heaping. [D] . Magnus, Brooke Erin. 2016

机译：具有零通货膨胀，最大通货膨胀和堆价的多元计数数据的项目响应建模。
6. DURATION OF SUSTAINED INFLATION DURING SUSTAINED INFLATION AND CHEST COMPRESSION IN A PORCINE MODEL OF ASPHYXIA [O] . Jannatul Mustofa, Sparsh Patel, Po-Yin Cheung, 2018

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Making the most of high inflation

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