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The chronic inflation process: a model and evidence from Brazil and Israel

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  • Emanuel Barnea
  • Nissan Liviatan

Abstract

This 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.

Suggested Citation

  • Emanuel Barnea & Nissan Liviatan, 2008. "The chronic inflation process: a model and evidence from Brazil and Israel," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 11(2), pages 151-162.
  • Handle: RePEc:taf:jpolrf:v:11:y:2008:i:2:p:151-162
    DOI: 10.1080/17487870802236192
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    Cited by:

    1. Bilin Neyapti, 2013. "Turkey's experience with disinflation: where did all the welfare gains go?," Applied Economics Letters, Taylor & Francis Journals, vol. 20(7), pages 664-668, May.

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