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Inflation and disinflation : the Israeli experiment

Author: Leonardo Leiderman
Publisher: Chicago : University of Chicago Press, 1993.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
During the early 198Os, Israel's inflation rate rose to almost 500% per year - one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman  Read more...
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Genre/Form: Aufsatzsammlung
Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Leonardo Leiderman
ISBN: 0226471101 9780226471105
OCLC Number: 26851128
Description: xv, 333 pages : illustrations ; 24 cm
Contents: pt. I. Stopping High Inflation --
1. Overview: The Main Lessons --
2. Stabilization in High-Inflation Countries: Analytical Foundations and Recent Experience / Leonardo Leiderman and Elhanan Helpman --
3. Real Wages, Monetary Accommodation, and Inflation / Leonardo Leiderman and Elhanan Helpman --
4. Comparing Macroeconomic Performance before and after Disinflation in Israel / Leonardo Leiderman and Nissan Liviatan --
pt. II. Devaluation, Money, and Inflation: Dynamic Interactions --
5. Overview --
6. Dynamic Interactions between Inflation and Devaluation in Israel --
7. The Interaction between Inflation and Monetary Aggregates in Israel / Leonardo Leiderman, Elise A. Brezis and Rafi Melnick --
8. Slowing Down Devaluation, Monetary Accommodation, and Inflation: A Comparison of Argentina, Chile, and Israel / Leonardo Leiderman and Elhanan Helpman --
9. Foreign Trade Shocks and the Dynamics of High Inflation: Israel, 1978-85 / Leonardo Leiderman and Assaf Razin --
pt. III. Seigniorage, Money Demand, and Inflation --
10. Overview --
11. New Estimates of the Demand for Money in Israel / Leonardo Leiderman and Arie Marom --
12. Seigniorage and the Welfare Cost of Inflation: Evidence from an Intertemporal Model of Money and Consumption / Leonardo Leiderman and Zvi Eckstein --
13. Optimal Inflation Tax under Precommitment: Theory and Evidence / Leonardo Leiderman and Guillermo A. Calvo --
pt. IV. Relative Price Variability --
14. Overview --
15. Price Controls and the Variability of Relative Prices / Leonardo Leiderman and Alex Cukierman --
16. Relative Price Variability and Inflation in the Israeli Economy / Leonardo Leiderman and Alex Cukierman --
17. Relative Price Variability under High Inflation and Disinflation --
pt. V. Effects of Government Budget Policies --
18. Overview --
19. Testing Ricardian Neutrality with an Intertemporal Stochastic Model / Leonardo Leiderman and Assaf Razin.
Responsibility: Leonardo Leiderman.
More information:

Abstract:

During the early 198Os, Israel's inflation rate rose to almost 500% per year - one of the highest inflation rates in the developed world. In 1985, the Israeli government implemented a program that immediately reduced inflation to 15%-20%, where it remained for the rest of the decade. How did the economy deal with these major changes so rapidly and successfully? In these eighteen articles, Leonardo Leiderman discusses why the Israeli plan worked and considers how other countries might benefit from similar policies. Even though standard economic models predict that output will drop and unemployment will rise during disinflation, Israel saw a boom in private consumption and large increases in real wages that lasted for about three years. To understand how the effects of Israeli disinflation policies defied typical expectations, Leiderman investigates how monetary and fiscal policy determined Israel's runaway inflation and how the country brought its economy abruptly under control. He finds that rates of inflation and consumption depend on the public's expectations about future fiscal adjustments and that foreign trade shocks do not inevitably lead to a long term rise in the inflation rate. Although Israel's case was unusual, it was not unique. Argentina, Brazil, Chile, and Mexico also experienced increases in economic activity after implementing stabilization policies, and Leiderman suggests that Eastern European economies might follow a similar path. His illumination of international trade and domestic policies, past and present, will interest academic economists and policymakers alike.

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Primary Entity

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