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La inflación moderada

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  • Rudiger Dornbusch

    (Departamento de Economia, MIT y NBER. Cambridge, MA. USA.)

  • Stanley Fischer

    (Departamento de Economia, MIT y NBER. Cambridge, MA. USA.)

Abstract

Se ha dedicado mucha atención al proceso de pago y a la estabilización de las inflaciones extremas, a tasas bastante superiores a 100% anual. Se ha prestado mucha menos atención al problema inflacionario en los países agobiados por una pertinaz inflación de dos dígitos, alrededor de 20% anual, a menudo después de programas de estabilización que lograron eliminar las inflaciones extremas. En el contexto de las desinflaciones europeas en los ochenta, un análisis paralelo se ha centrado en cómo el Sistema Monetario Europeo puede haber desempeñado un papel central al permitir que países como Italia o Irlanda lograran reducir sus tasas de inflación a niveles de un solo dígito. En este trabajo nos centramos en el comportamiento de la inflación en países que ocupan un lugar inflacionario intermedio, con tasas persistentes de inflación anual de 15 a 30%. Un ejemplo, que aparece en la gráfica 1, es Colombia, en donde la inflación ha oscilado de 20 a 30% durante más de una década. El cuadro 1 muestra que el mismo patrón de inflación persistente con el rango de 20% prevalece en Bolivia, Costa Rica, Chile, Egipto, El Salvador, Ghana, Hungría, Islandia, Israel, México y Sudáfrica. En cada caso la inflación es demasiado elevada para ser pasada por alto y permitir un tipo de cambio fijo. Pero es evidente que es demasiado baja para compensar los costos aparentes, políticos y económicos, de un ataque frontal al problema.

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Bibliographic Info

Article provided by in its journal Economia Mexicana NUEVA EPOCA.

Volume (Year): I (1992)
Issue (Month): 1 (January-June)
Pages: 5-70

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Handle: RePEc:emc:ecomex:v:1:y:1992:i:1:p:5-70

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Cited by:
  1. Javier Gómez & Juan Manuel Julio, . "Transmission Mechanisms and Inflation Targeting: The Case of Colombia Disinflation," Borradores de Economia 168, Banco de la Republica de Colombia.
  2. Javier Gómez, . "Wage Indexation, Inflation Inertia, and the Cost of Disinflation," Borradores de Economia 198, Banco de la Republica de Colombia.
  3. Javier Gómez Pineda, 2002. "Wage Indexation, Inflation Inertia, and The Cost of Disinflation," BORRADORES DE ECONOMIA 003770, BANCO DE LA REPÚBLICA.
  4. Leonardo Villar & Hernán Rincón, 2000. "The Colombian Economy In The Nineties: Capital Flows And Foreign Exchange Regimes," BORRADORES DE ECONOMIA 003575, BANCO DE LA REPÚBLICA.
  5. Javier Gómez, . "Wage Indexation, Inflation Inertia, and the Cost of Disinflation - New version," Borradores de Economia 198nv, Banco de la Republica de Colombia.
  6. Javier Gómez & Juan Manuel Julio, 2003. "Transmission Mechanism and Inflation Targeting: The Case of Colombia's Desinflation," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 18(2), pages 109-133, December.
  7. Javier Gómez, . "Wage Indexation, Inflation Inertia, and the Cost of Disinflation - New version," Borradores de Economia 198a, Banco de la Republica de Colombia.

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