000			01974nam a2200265 a 4500
999			_c3209 _d3209
003			arcduce
005			20200908203559.0
007			ta
008			200908s1991 mau||||| |||| 00| 0 eng d
040			_aarcduce _carcduce
082	0		_a332.4102
100	1		_aDornbusch, Rudiger, _9404 _d1942-2002
245	1	0	_aModerate inflation / _cRudiger Dornbusch, Stanley Fischer.
260			_aCambridge, Mass. : _bNational Bureau of Economic Research, _c1991
300			_a70 p.
490	0		_aWorking paper series ; _vn. 3896
504			_aIncluye bibliografía
520	3		_aInflation persists at moderate rates of 15-30 percent in all the countries that successfully reduced triple digit inflations in the 1980s. Several other countries, for example Colombia, have experienced moderate inflation for prolonged periods. In this paper we first set out theories of persistent inflation, which can be classified into those emphasizing seigniorage as a source of government finance and those that emphasize the costs of ending inflation. We then examine the sources and persistence of moderate inflation episodes. Most were triggered by commodity price shocks; they were brief; and very few ended in higher inflation. We then present case studies of eight countries, including three that now suffer from moderate inflation, and four that successfully moved down to single digit inflation rates. We examine the roles of seigniorage, indexation and disindexation, the exchange rate commitment, and monetary and fiscal policy. The evidence suggests that seigniorage plays at most a modest role in the persistence of moderate inflations, and that such inflations can be reduced only at a substantial short-term cost to growth.
650		4	_aINFLACION _9282
650		4	_aESTUDIOS DE CASOS _948
700	1		_aFischer, Stanley _9406
710			_aNational Bureau of Economic Research
856	4		_qtexto/pdf 684K _uhttps://www.nber.org/papers/w3896
942			_cDOCU _jF 332.4102 D 14612 _2ddc