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The Long-Run Effect of Permanent Disinflations

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Author Info

  • Javier Andrés
  • Ignacio Hernando
  • David López-Salido

Abstract

This paper looks at the long term output effect of those monetary policies aimed at reducing inflation from its peak by late seventies, in nine major OECD countries. The estimated effect depends on the way nominal shocks are identified. Alternatively to the cross-country regression analysis we estimate a structural VAR model in output, inflation and unemployment.

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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 9825.

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Length: 55 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:bde:wpaper:9825

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Related research

Keywords: INFLATION ; PRICES ; CENTRAL BANKS ; ECONOMIC GROWTH;

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Cited by:
  1. Ángel Estrada & Ignacio Hernando & J. David López-Salido, 2000. "Measuring the NAIRU in the Spanish Economy," Banco de Espa�a Working Papers 0009, Banco de Espa�a.
  2. Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2007. "Disinflation Shocks in the Eurozone: a DSGE Perspective," IDEI Working Papers 483, Institut d'Économie Industrielle (IDEI), Toulouse.
  3. Manuel Balmaseda & Miguel Sebastián & Patry Tello, 2002. "Spain Accession to the EMU - A Long and Hilly Road," The Economic and Social Review, Economic and Social Studies, vol. 33(2), pages 195-222.

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