| 词汇 | example_english_disinflation |
| 释义 | Examples of disinflationThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. For smaller disinflations, the qualitative results still hold; however, the scale of the output effects are smaller. To this end, the more debatable issue is how costly disinflations really are. Over an extended time, these short-term losses will not be as costly as a quick disinflation. More practically, the loss of credibility by the central bank will greatly reduce both the maximum achievable net output, and the optimal disinflation length. The resurgence of actual and prospective disinflation in industrialized countries has resulted in new interest in the possibility of self-fulfilling deflationary expectations. This paper analyzes exchange-rate dynamics following a money-based disinflation under different degrees of exchange-rate pass-through. As more firms are able to update their prices to reflect the disinflation, the money path overshoots the aggregate price level producing the boom. Recall that a disinflation implies a fall in the expected inflation rate and the nominal interest rate and therefore a rise in money demand. The costs of disinflation are immediate but transitory; the benefits of the disinflation are permanent but delayed. With a twoperiod disinflation, inflation inertia is less problematic: relative prices are closer to the profit-maximizing level if firms were allowed to continuously reset. Figure 2 shows that, in this case, optimal policy smooths the short-run costs over time by taking a gradual approach to disinflation. Again, we assume the announcement is fully credible and that the disinflation program is not known in advance. 22. To simulate a disinflation, it is necessary to derive starting values for the predetermined variables based on an initial inflationary steady state. In order to simulate a disinflation it is necessary to derive starting values for variables based on an initial inflationary steady state. As a result, welfare overall is higher under the gradualist disinflation. We assume initially that all agents are rational, and agents will take the prescribed disinflation announcement as the actual path of money. This is not consistent with the results of the previous literature, which emphasized overshooting precisely because it created large output and employment effects of disinflation. That did not help current account and official reserves too much, but was partly the cause for much weaker disinflation in that time. On one extreme, with = 1, a disinflation of any size will have large negative effects on output. There is, however, some persistence in the output effects of the disinflation. Section 6 investigates the policy implications of longer disinflations on output. In the context of the model outlined above, the size of disinflation does not matter. Alternatively, a longer disinflation squeezes the aggregate price path closer to the path of money, yielding smaller gains at any moment in time. For an exchange-rate-based policy, the degree of exchange-rate pass-through makes little difference to the impact of a disinflation. As a result, price setters choose a current price trajectory that is lower than it would be in the absence of a disinflation policy. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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