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Disinflation and the Supply Side

Author: Lodovico Pizzati; Pierre-Richard Agénor
Publisher: Washington, D.C : The World Bank, 1999.
Series: World Bank E-Library Archive
Edition/Format:   Computer file : EnglishView all editions and formats
Summary:
March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic  Read more...
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Details

Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lodovico Pizzati; Pierre-Richard Agénor
OCLC Number: 874226143
Reproduction Notes: Reproduction. s.l.
Description: 1 online resource (38 p.)
Series Title: World Bank E-Library Archive
Responsibility: Pizzati, Lodovico.

Abstract:

March 2000 - What role do supply-side factors play in the dynamics of output and absorption in exchange rate-based stabilization programs? Agénor and Pizzati study the dynamics of output, consumption, and real wages induced by a disinflation program based on permanent and temporary reductions in the nominal devaluation rate. They use an intertemporal optimizing model of a small open economy in which domestic households face imperfect world capital markets, the labor supply is endogenous, and wages are flexible. The model predicts that, with a constant capital stock and no investment, there is an initial reduction in real wages and output expands. Consumption falls on impact but increases afterward. In addition, with a temporary shock, a current account deficit emerges and, later, a recession sets in, as documented in various studies. With endogenous capital accumulation, numerical simulations show that the model can also predict a boom in investment. This paper is a product of the Economic Policy and Poverty Reduction Division, World Bank Institute. The authors may be contacted at pagenor@worldbank.org and lpizzati@worldbank.org.

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