The chronic inflation process: a model and evidence from Brazil and Israel
AbstractThis paper challenges the dominant model which was used to explain the chronic inflation process, as in Latin America in the seventies and eighties. Unlike the usual long term view we present a variant of the Barro and Gordon policy game model which is based on short term considerations in the inflationary period. In the latter period the model implies a random walk and after stabilization the model implies stationarity. Thestatistical tests, using data from Brazil and Israel, do not reject the implications of the model.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Journal of Economic Policy Reform.
Volume (Year): 11 (2008)
Issue (Month): 2 ()
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Web page: http://taylorandfrancis.metapress.com/link.asp?id=300262
Other versions of this item:
- Emanuel Barnea & Nissan Liviatan, 2008. "The chronic inflation process: a model and evidence from Brazil and Israel," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 11(2), pages 151-162.
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