Demand-pull stagflation
Autor(a) principal: | |
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Data de Publicação: | 1999 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12223 |
Resumo: | This paper explores the possibility of stagflation emanating exc1usively from monetaJy sbocks, without concurrent supply shocks or shifts in potential output. This arises in connection with a tight money paradox. in the context of a fiscal theory of the price leveI. The paper exhibits perfect foresight equilibria with output and inflation fluctuating in opposite direetions as a consequence of small monetary shocks, and also following changes in monetaJy policy regime that launch the economy into hyperinflation or that produce dramatic stabilization of already high inflation. For that purpose, an analytically convenient dynamic general equilibrium macro model is deve10ped wbere nominal rigidities are represented by a cross between staggered two-period contracts and state dependent price adjustment in the presence of menu costs. |
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Loyo, Eduardo H. M. M.Escolas::EPGEFGV2014-10-27T10:31:04Z2014-10-27T10:31:04Z1999-08-19http://hdl.handle.net/10438/12223This paper explores the possibility of stagflation emanating exc1usively from monetaJy sbocks, without concurrent supply shocks or shifts in potential output. This arises in connection with a tight money paradox. in the context of a fiscal theory of the price leveI. The paper exhibits perfect foresight equilibria with output and inflation fluctuating in opposite direetions as a consequence of small monetary shocks, and also following changes in monetaJy policy regime that launch the economy into hyperinflation or that produce dramatic stabilization of already high inflation. For that purpose, an analytically convenient dynamic general equilibrium macro model is deve10ped wbere nominal rigidities are represented by a cross between staggered two-period contracts and state dependent price adjustment in the presence of menu costs.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessDemand-pull stagflationinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaInflação e desempregoPolítica monetáriareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000089065.pdf000089065.pdfapplication/pdf1277479https://repositorio.fgv.br/bitstreams/7dc52bb8-1d4f-49f3-8424-c3ae6269c45b/download35d28ed547b26b3e060465eff1e39436MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/db740cb8-8588-45ca-a9e1-ff5fb7d5bbb2/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000089065.pdf.txt000089065.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Demand-pull stagflation |
title |
Demand-pull stagflation |
spellingShingle |
Demand-pull stagflation Loyo, Eduardo H. M. M. Economia Inflação e desemprego Política monetária |
title_short |
Demand-pull stagflation |
title_full |
Demand-pull stagflation |
title_fullStr |
Demand-pull stagflation |
title_full_unstemmed |
Demand-pull stagflation |
title_sort |
Demand-pull stagflation |
author |
Loyo, Eduardo H. M. M. |
author_facet |
Loyo, Eduardo H. M. M. |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Loyo, Eduardo H. M. M. |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Inflação e desemprego Política monetária |
dc.subject.bibliodata.por.fl_str_mv |
Inflação e desemprego Política monetária |
description |
This paper explores the possibility of stagflation emanating exc1usively from monetaJy sbocks, without concurrent supply shocks or shifts in potential output. This arises in connection with a tight money paradox. in the context of a fiscal theory of the price leveI. The paper exhibits perfect foresight equilibria with output and inflation fluctuating in opposite direetions as a consequence of small monetary shocks, and also following changes in monetaJy policy regime that launch the economy into hyperinflation or that produce dramatic stabilization of already high inflation. For that purpose, an analytically convenient dynamic general equilibrium macro model is deve10ped wbere nominal rigidities are represented by a cross between staggered two-period contracts and state dependent price adjustment in the presence of menu costs. |
publishDate |
1999 |
dc.date.issued.fl_str_mv |
1999-08-19 |
dc.date.accessioned.fl_str_mv |
2014-10-27T10:31:04Z |
dc.date.available.fl_str_mv |
2014-10-27T10:31:04Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12223 |
url |
http://hdl.handle.net/10438/12223 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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