Assessing the benefits of price stability
Subtitle: the international experience
By: Javier Andrés, Ignacio Hernando, and J. David López-Salido.
Contributors: Hernando, Ignacio.; López-Salido, J. David.
Series: Estudios económicos,; no. 69; Estudios económicos (Banco de España. Servicio de Estudios) ;; no. 69.
Publisher: Banco de España, Servicio de Estudios
Published: 2000
Place of publication: [Madrid?]
Language: eng
Number of pages: 113
Subjects: Inflation (Finance); Prices.
Notes: Includes bibliographical references (p. 107-113).
Date on cover: 2000.
Table of contents: title: Machine generated contents note: INTRODUCTION 9; title: I. THE COSTS OF INFLATION: THEORY AND EVIDENCE 13; title: I.1. Theoretical considerations 13; title: I.2. International evidence 18; title: I.2.1. Model-based estimates of the welfare costs of inflation 18; title: I.2.2. Econometric estimates of the overall impact of inflation on economic activity 19; title: I.3. Inflation and growth in the OECD: Descriptive statistics 26; title: II. THE COSTS OF INFLATION IN CONVERGENCE EQUATIONS 35; title: II.1. Theoretical framework: The effect of inflation in convergence equations 36; title: II.2. Estimation of the effect of inflation: main results 39; title: II.3. Country-specific effects and the cost of inflation 43; title: II.4. Causality analysis 50; title: II.5. The role of the financial system in the growth-inflation link 57; title: II.5.1. Theoretical and empirical backgrounds 59; title: II.5.2. Indicators of financial development 61; title: II.5.3. Results 66; title: II.6. Concluding remarks 70; title: III. THE DYNAMIC EFFECTS OF PERMANENT DISINFLATIONS 73; title: III.1. The analysis of the long-run effects of disinflations: a SVAR approach 74; title: III.2. Inflation, output and unemployment 76; title: III.2.1. The model 76; title: III.2.2. Alternative Identifying restrictions 79; title: III.3. The disinflation in Spain: 1976-1996 81; title: III.4. International Evidence 85; title: III.5. Concluding remarks 90; title: Appendix III.1. Econometric setup 92; title: CONCLUSIONS 105.