|Statement||by William Melick and Gabriele Galati.|
|Series||BIS working papers -- no. 196, BIS working papers (Online) -- no. 196.|
|Contributions||Galati, Gabriele., Bank for International Settlements. Monetary and Economic Dept.|
|The Physical Object|
|LC Control Number||2006619503|
Downloadable! This paper reviews analytical work carried out by central banks that participated in the Autumn Meeting of Central Bank Economists on "The evolving inflation process" which the BIS hosted on October The paper first discusses efforts to document the univariate statistical properties of inflation and how they have changed over the last decades. It then reviews studies of disaggregated or micro inflation data and evidence from surveys of firms concerning their pricing behaviour. Using this micro evidence as background, the paper also attempts to understand the proximate causes for any changes in the inflation process, such as disparities in the price behaviour of tradables and non-tradables or movements in energy prices. Shifts in Policy Regimes and the Evolving Inflation Process 33 Measuring the Economy’s Deviation from Potential Monetary Policy Regime Shifts and Inflation Trends in the United States. The Monetary Policy of the Federal Reserve details the evolution of the monetary standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the by: 6.
Shifts in Policy Regimes and the Evolving Inflation Process 30 Measuring the Economy’s Deviation from Potential Monetary Policy Regime Shifts and Inflation Trends in the United States Monetary Policy Regime Shifts and Inflation Trends in Other Countries Discussion. 6. Inflation. inflation, in economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices. The U.S. Bureau of Labor Statistics produces the Consumer Price Index (CPI) yearly, which measures average price changes in relation to prices in an arbitrarily selected base year. The Causes of Inflation Frederic S. Mkhkin The problem of inflation has been of central concern to American poli- cymakers since the mid s. Of particular concern has been the rise in the core, or sustained, inflation rate from below the 2 percent level in the early s to near the double-digit level by the late s. Since a. inflation down depends on one's ability to move expectations, and thus it matters a great deal whether inflation expectations are viewed as a policy outcome or an independent process. If expectations are backward-looking, policymakers naturally will be less forceful about returning inflation to a desired rate.
In a high-profile research paper titled " Understanding the Evolving Inflation Process," published recently, a group of private-sector and academic economists have endorsed the Fed's policy of price stability and transparency as an important tool in keeping inflation at bay. 1. Emerging market and developing economies, like advanced economies, have experienced a remarkable decline in inflation over the past half-century. Yet, research into this development has focused almost exclusively on advanced economies. Inflation in Emerging and Developing Economies (PDF, MB. Of all them, Chinese inflation during the mids is one of the most studied topics, when its inflation rate peaks at over 20%. However, it was not until the recent heightened fluctuations in inflation during the mid- to lates that economists reexamined the evolving inflation process in by: 4. The urbanization process mainly comprises the two aspects of population urbanization and land urbanization (Lyu, Wu, Li, You, & Cai, ). Land urbanization is the change of land use type by the conversion of rural areas into urban areas (Zhang & Wang, ). The land urbanization process is an extremely important topic in urban studies.