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Disinflation in Transition
			: 1993-97

Disinflation in Transition : 1993-97 »

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

DOI: http://dx.doi.org/10.5089/9781557757975.084

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

The latest in a series of papers published by the International Monetary Fund on economies in transition examines the experience of disinflation in Central and Eastern Europe, the Baltics, Russia, and other countri...

I Introduction

I Introduction »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

Almost all transition countries experienced an initial spike in inflation at the outset of the reform process as price controls were removed. The speed of the subsequent disinflations, however, varied marked...

II Inflation Developments

II Inflation Developments »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

By the end of 1992, major results in stabilizing inflation had been achieved only in the Central and Eastern European countries: inflation had dropped below 60 percent in the Czech Republic, Poland, and Slov...

III Disinflation, Output, and the Current Account Balance

III Disinflation, Output, and the Current Account Balance »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

Disinflation occurred while output was collapsing, and was often followed by large deteriorations in the external current account balance. This section discusses the links between these developments....

IV Inflation Inertia, Credibility, and Disinflation

IV Inflation Inertia, Credibility, and Disinflation »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

The speed of disinflation and the apparent resilience of output in that context are remarkable features of transition economies' disinflation experience, and they are evident in the stabilizations of cases o...

V Persistent Moderate Inflation

V Persistent Moderate Inflation »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

Having stabilized inflation rapidly and credibly, a number of advanced transition countries appear to have got stuck with moderate inflation in the 10–30 percent range (see Table 1, Section II, and Figure 4)...

VI Conclusions

VI Conclusions »

Source: Disinflation in Transition : 1993-97

Series: Occasional Papers

Author(s): Peter Doyle , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 1999

ISBN: 9781557757975

Keywords: inflation, monetary fund, moderate inflation, central bank, inflation stabilization

The reduction in inflation since the early 1990s right across the transition area is remarkable, particularly given the chaotic conditions at the outset. Inflationary pressures that had long been suppressed...

Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt

Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt »

Source: Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt

Volume/Issue: 2008/164

Series: IMF Working Papers

Author(s): Sven Jari Stehn , and David Vines

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870220

Keywords: Monetary and Fiscal Policy, Policy Myopia, Non-cooperative games, Stabilisation Bias, inflation, central bank, monetary policy, aggregate demand, high interest rates,

We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash gam...

Monetary Policy Committees, Learning and Communication

Monetary Policy Committees, Learning and Communication »

Source: Monetary Policy Committees, Learning and Communication

Volume/Issue: 2010/85

Series: IMF Working Papers

Author(s): Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781451982633

Keywords: Central bank communication, monetary policy committees, adaptive learning, inflation, central bank, inflation stabilization, inflation rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General,

This paper considers optimal communication by monetary policy committees in a model of imperfect knowledge and learning. The main policy implications are that there may be costs to central bank communication if the...

Virtual Deficits and the Patinkin Effect1

Virtual Deficits and the Patinkin Effect1 »

Source: Virtual Deficits and the Patinkin Effect

Volume/Issue: 1998/41

Series: IMF Working Papers

Author(s): Eliane Cardoso

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1998

ISBN: 9781451846072

Keywords: fiscal deficits, seigniorage, reverse Tanzi effect, stabilization, reserve requirement, central bank, inflation rates, inflation rate, high inflation

The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit—a deficit that would be observed if inflation were zero. It studies the negative relati...