Disinflation, External Vulnerability, and Fiscal Intransigence : some unpleasant Mundellian arithmetic /

This paper examines the policy challenges a country faces when it wants to both reduce inflation and maintain a sustainable external position. Mundell's (1962) policy assignment framework suggests that these two goals may be mutually incompatible unless monetary and fiscal policies are properly...

Descripción completa

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Tanner, Evan C. (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, 2017.
Colección:IMF working paper ; WP/17/118.
Temas:
Mundell, Robert A.
Economic development > Mathematical models.
Economic policy > Mathematical models.
Monetary policy > Mathematical models.
Fiscal policy > Mathematical models.
Macroeconomics > Mathematical models.
Capitalism > Mathematical models.
Développement économique > Modèles mathématiques.
Politique économique > Modèles mathématiques.
Politique monétaire > Modèles mathématiques.
Politique fiscale > Modèles mathématiques.
Macroéconomie > Modèles mathématiques.
BUSINESS & ECONOMICS > Economics > Macroeconomics.
POLITICAL SCIENCE > Economic Conditions.
Capitalism > Mathematical models
Economic development > Mathematical models
Economic policy > Mathematical models
Fiscal policy > Mathematical models
Macroeconomics > Mathematical models
Monetary policy > Mathematical models
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover; Table of Contents; ABSTRACT; I. INTRODUCTION; II. A STATIC OPEN ECONOMY MACROECONOMIC MODEL; A. Net Exports and Inflation-Reduced Form Equations; III. ECONOMIC STABILIZATION: ELIMINATING EXTERNAL AND INTERNAL IMBALANCES; A. Graphical Treatment in the Spirit of Mundell (1962); B. The Perils of Fiscal Intransigence; C. Some Illustrative Examples (EML holds); D. Coordination versus Fiscal Intransigence if the EML Fails; IV. DISINFLATION, THE EXTERNAL POSITION, AND CREDIBILITY: A DYNAMIC ANALYSIS; A. The Toxic Mix Again: High Inflation, External Deficits, and Low Credibility.
  • v. SUMMARY AND CONCLUSIONSVI. REFERENCES; VII. APPENDIX; A. Translating Percent of Potential Output into Currency Units; B. Model Parameters; FIGURES; 1: The Expanded Marshall-Lerner (EML) Condition; 2: Required Adjustments to Attain Internal Balance (?*=?); 3: Required Adjustments to Attain External Balance (nx*=nx); 4: Required Adjustments for Joint Stabilization
  • EML holds; 5: Required Adjustments for Joint Stabilization
  • EML fails; 6: External Debt (Percent of GDP); 7: Real Interest Rate (Domestic, in Percent); 8: Fiscal Adjustment (% of GDP; 9: Real Exchange Rate (Appreciation +).
  • 10: Risk Premium (in Percent)11: Output Gap (in percent); TABLES; 1: External Vulnerability and Inflation: Selected Emerging Market Countries; 2: Adjustments Required for External and Internal Stabilization.

Ejemplares similares