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As in the case with a semicredible two-step disinflation, the sacrifice ratio with a semicredible three-step disinflation is again precisely the same as it is with the cold-turkey disinflation.
be an important factor triggering the end of the disinflation.
Starting in mid-2004, as the threat of unwelcome disinflation passed and economic conditions began to normalize, it made sense to begin the process of removing our policy accommodation.
In the first chapter, Marek Dabrowski discusses the importance of a rapid disinflation policy early in the transition process.
In these studies, they identified periods of disinflation and inflation episodes a priori and then estimated the output costs for each period separately.
When the disinflation effort began, government expenditures at all levels accounted for more than 40 percent of GDP, a higher figure than in the United States or Japan, and very high indeed for a country of Russia's low income level.
The nation's monetary authorities, however, do not have control over how individual products, industries, or even sectors behave as disinflation works its way through all the economic transactions conducted in the United States.
As with several subsequent crises in the United Kingdom and the United States, it is difficult to disentangle the causal direction between financial distress and disinflation in 1825.
In fact, the episodes of rapid disinflation documented by Sargent (1982) are explained by rational expectations, whereas the episodes of real exchange rate appreciation summarized by Calvo and Vegh (1994) are often explained by persistence in expectations.
Interest rates have substantially come down following the announcement of the disinflation program.
An aging population produces disinflation because the aging person trades things," Hokenson said.
Deregulation, disinflation, and the revolution in information and communications technologies have all contributed.
Disinflation, by comparison, is the slowing of price increases.
He tells the FT: "We have a significant disagreement with the fund on how much disinflation there should be next year.
March figures released so far show a consistent pattern of disinflation.