Inflation and Disinflation

The Israeli Experiment

By: Leonardo Leiderman

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Hardcover | 15 July 1993 | Edition Number 1

At a Glance

Hardcover
344 Pages

Dimensions(cm)
2.35 x 1.64 x 0.27

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During the early 1980s, Israel's inflation rate rose to almost 500% per year--one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman discusses why the Israeli plan worked and considers how other countries might benefit from similar policies.
Even though standard economic models predict that output will drop and unemployment will rise during disinflation, Israel saw a boom in private consumption and large increases in real wages that lasted for about three years. To understand how the effects of Israeli disinflation policies defied typical expectations, Leiderman investigates how monetary fiscal policy determined Israel's runaway inflation and how the country brought its economy abruptly under control. He finds that rates of inflation and consumption depend on the public's expectations about future fiscal adjustments and that foreign trade shocks do not inevitably lead to a long-term rise in the inflation rate. His illumination of international trade and domestic policies, past and present, will interest academic economists and policymakers alike.

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Non-Fiction Economics Political Economy Macroeconomics Monetary Economics Politics & Government

Preface
Introduction
Stopping High Inflation
Overview: The Main Lessons
Stabilization in High-Inflation Countries: Analytical Foundations and Recent Experience (with Elhanan Helpman)
Real Wages, Monetary Accommodation, and Inflation (with Elhanan Helpman)
Comparing Macroeconomic Performance before and after Disinflation in Israel (with Nissan Liviatan)
Devaluation, Money, and Inflation: Dynamic Interactions
Overview
Dynamic Interactions between Inflation and Devaluation in Israel
The Interaction between Inflation and Monetary Aggregates in Israel
Slowing Down Devaluation, Monetary Accommodation, and Inflation: A Comparison of Argentina, Chile, and Israel
Foreign Trade Shocks and the Dynamics of High Inflation: Israel, 1978-85
Seigniorage, Money Demand, and Inflation
Overview
New Estimates of the Demand for Money in Israel
Seigniorage and the Welfare Cost of Inflation: Evidence from an Intertemporal Model of Money and Consumption
Optimal Inflation Tax under Precommitment: Theory and Evidence
Relative Price Variability
Overview
Price Controls and the Variability of Relative Prices
Relative Price Variability and Inflation in the Israeli Economy
Relative Price Variability under High Inflation and Disinflation
Effects of Government Budget Policies
Overview
Testing Ricardian Neutrality with an Intertemporal Stochastic Model
Index
Table of Contents provided by Publisher. All Rights Reserved.

Inflation and Disinflation

The Israeli Experiment

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

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