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The economics of high inflation / Paul Beckerman.

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Bibliographic Details
Online Access: Full Text (via Internet Archive)
Main Author: Beckerman, Paul Ely
Format: eBook
Language:English
Published: New York : St. Martin's Press, 1992.
Subjects:
Inflation (Finance)
Economic stabilization.
Table of Contents:
  • Acknowledgements and Disclaimer
  • 1 The Inflation Enigma (starting p. 1)
  • 2 Why Inflation is "a Bad Thing" (starting p. 8)
  • 1 Introduction: Why inflation is an economic problem (starting p. 8)
  • 2 Expected inflation and the disposition to hold money (starting p. 9)
  • 3 Inflation surprises (starting p. 14)
  • 4 Price-level uncertainty (starting p. 16)
  • 5 Relative-price dispersion (starting p. 20)
  • 6 Hyperinflation (starting p. 24)
  • 7 Conclusion: Why "ideal," "semi-ideal," "neutral," and real-life inflations are "bad" (starting p. 25)
  • 3 Inflation Feedback (starting p. 27)
  • 1 Monetary abundance (starting p. 27)
  • 2 Money creation (starting p. 28)
  • 3 "Monetarist," "structuralist," "demand-pull," and "cost-push" approaches to inflation (starting p. 32)
  • 4 Inflation feedback (starting p. 36)
  • 5 Inflation feedback through the public-sector budget (starting p. 40)
  • 6 Inflation feedback through the external accounts (starting p. 44)
  • 7 Inflation feedback through aggregate supply (starting p. 46)
  • 8 Conclusion (starting p. 48)
  • 4 Inflation Feedback and Competition for Purchasing Power (starting p. 50)
  • 1 Introduction (starting p. 50)
  • 2 The monetary system in the inflation process (starting p. 51)
  • 3 Competition for purchasing power (starting p. 53)
  • 4 Inflation feedback and purchasing-power competition (starting p. 56)
  • 5 The "peaks-and-valleys" metaphor for contracted prices under inflation (starting p. 58)
  • 6 An economic entity's capacity to engage in inflationary competition (starting p. 60)
  • 7 Contracts and credit creation (starting p. 61)
  • 8 Inflationary competition and the public sector (starting p. 63)
  • 9 "Inflationary competition" (starting p. 66)
  • 5 Inflation and Financial Systems (starting p. 68)
  • 1 Introduction (starting p. 68)
  • 2 "Financial repression" (starting p. 68)
  • 3 Circumvention and acceptance of repressive controls on interest rates (starting p. 69)
  • 4 Non-positive market-clearing real interest rates (starting p. 71)
  • 5 The consequences of inflationary expectations, variability, uncertainty, and dispersion for financial markets (starting p. 76)
  • 6 Financial markets and inflation feedback (starting p. 81)
  • 6 The Dilemmas of Inflation-Stabilization Policy (starting p. 85)
  • 1 Introduction (starting p. 85)
  • 2 "Gradualist" and "shock" approaches to stabilization (starting p. 86)
  • 3 Restrictive monetary policy (starting p. 88)
  • 4 Restrictive fiscal policy (starting p. 90)
  • 5 The consequences of raising real interest rates (starting p. 96)
  • 6 Comprehensive wage and price controls (starting p. 98)
  • 7 Selective price controls (starting p. 101)
  • 8 Wage controls (starting p. 103)
  • 9 Conclusion (starting p. 106)
  • 7 Inflation Stabilization under External Constraint (starting p. 108)
  • 1 Introduction: "IMF-type" stabilization programs (starting p. 108)
  • 2 Inflation and IMF programs: the inherent "near-dilemma" (starting p. 112)
  • 3 Exchange-rate policy (starting p. 116)
  • 4 Inflationary consequences of external debt (starting p. 116)
  • 5 Inflation, external debt, and IMF-type stabilization in Brazil, 1983-5 (starting p. 118)
  • 6 On raising domestic interest rates to forestall capital flight (starting p. 123)
  • 7 Conclusion (starting p. 124)
  • 8 Indexation and Dollarization (starting p. 126)
  • 1 Introduction: Definitions and distinctions (starting p. 126)
  • 2 Advantages and drawbacks of financial indexation and dollarization (starting p. 128)
  • 3 On the virtual non-existence of private index-linked obligations (starting p. 132)
  • 4 Index-inked government bonds and the effectiveness of macroeconomic policy (starting p. 134)
  • 5 Index-linking of prices (starting p. 139)
  • 6 Wage indexation (starting p. 140)
  • 7 Crawling-peg exchange-rate policies and dollarization (starting p. 143)
  • 8 Index-linking and taxation (starting p. 145)
  • 9 Inflation and accounting conventions (starting p. 147)
  • 10 Observations on "purging" and on phasing out a purchasing-power unit of account (starting p. 148)
  • 11 Conclusion (starting p. 151)
  • 9 Recent "Heterodox" Stabilization Experiences: Argentina, Israel, Brazil, 1985-9 (starting p. 152)
  • 1 Introduction: "Heterodox" stabilization programs (starting p. 152)
  • 2 Argentina, 1985-9 (starting p. 155)
  • 3 Israel, 1985-7 (starting p. 166)
  • 4 Brazil, 1986-9 (starting p. 171)
  • 5 Concluding observations (starting p. 179)
  • 10 Toward a Theory of Self-Perpetuating Inflation (starting p. 182)
  • Notes (starting p. 190)
  • References (starting p. 210)
  • Index (starting p. 221)

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