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What determines the sacrifice ratio?

Author: Laurence M Ball; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, 1993.
Series: Working paper series (National Bureau of Economic Research), working paper no. 4306.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper investigates the determinants of the "sacrifice ratio" for disinflation: the ratio of the loss in output to the fall in trend inflation. I develop a method for estimating the sacrifice ratio in individual disinflation episodes, and apply it to 65 episodes in moderate-inflation OECD countries. In this sample. the sacrifice ratio is decreasing in the speed of disinflation: cold turkey is less  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Laurence M Ball; National Bureau of Economic Research.
OCLC Number: 70045238
Notes: "March 1993."
Description: 1 online resource (25, [16] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 4306.
Responsibility: Laurence Ball.

Abstract:

Abstract: This paper investigates the determinants of the "sacrifice ratio" for disinflation: the ratio of the loss in output to the fall in trend inflation. I develop a method for estimating the sacrifice ratio in individual disinflation episodes, and apply it to 65 episodes in moderate-inflation OECD countries. In this sample. the sacrifice ratio is decreasing in the speed of disinflation: cold turkey is less costly than gradualism. The ratio is also decreasing in the flexibility of wage-setting institutions. The openness of the economy has no effect on the ratio. and the effects of incomes policies and the initial level of inflation are unclear.

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