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Why Have So Many Disinflations Succeeded?

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  • MARC HOFSTETTER

Abstract

"Why is it that the achievements of some disinflations from low and moderate peaks are long-lived, whereas in others the gains in the inflationary front dissipate quickly? Based on an index of the sustainability of disinflations, various competing explanations of what determines sustainability are tested. Three factors, potentially at the top of the list of many researchers, are shown to be insignificant: oil shocks, fiscal policy, and inflation targeting. Nevertheless, other important features such as the exchange rate regime, achieving low inflation rates during the disinflation, and food price shocks are shown to be important variables driving the sustainability records. "("JEL "E31, E32, E52, E58, F41) Copyright No Claim to Original U.S. Government Works.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 26 (2008)
Issue (Month): 1 (01)
Pages: 89-106

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Handle: RePEc:bla:coecpo:v:26:y:2008:i:1:p:89-106

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Cited by:
  1. Miguel Rueda, 2008. "Breaking Credibility in Monetary Policy: The Role of Politics in the Stability of the Central Banker," Research Department Publications 4585, Inter-American Development Bank, Research Department.
  2. Marc Hofstetter, 2006. "Disinflations In Latin America And The Caribbean: A Free Lunch?," DOCUMENTOS CEDE 002375, UNIVERSIDAD DE LOS ANDES-CEDE.
  3. Marc Hofstetter, 2007. "Disinflating From Moderate Inflation," DOCUMENTOS CEDE 002373, UNIVERSIDAD DE LOS ANDES-CEDE.
  4. Miguel Rueda, 2008. "Credibilidad en la polĂ­tica monetaria: Papel de polĂ­ticas en la estabilidad del Presidente del Banco Central," Research Department Publications 4586, Inter-American Development Bank, Research Department.

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