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This book presents a theoretical framework to explain chronic inflation and hyperinflation. The roots of these two phenomenon are a fiscal monetary regime in which money issues finance the public deficit. Chronic inflation is modeled by using both the old and the new Keynesian model, with a different policy rule. Instead of using the Taylor rule, the central bank policy rule states that money is issued to finance the public deficit. The chronic inflation models take into account the fact that indexation mechanisms adjust prices and wages, yielding the inertial component of inflation. The dynamics of these models can be very unstable under parameter changes or shocks that hit the economy. The previous hyperinflation models surveyed in this book attempt to explain hyperinflation as a bubble phenomenon because they assume a constant real deficit financed by money. The mechanics of hyperinflation models in this book explains hyperinflation by a fiscal crisis, characterized by an increasing fiscal deficit. This fiscal crisis yields an intertemporal budget constraint that is not sustainable. The analysis of the pathology of hyperinflation uses the same tools employed to understand the pathologies of public debt and external debt crises. The hyperinflation model allows a taxonomy of hyperinflations, namely bubble, weak and strong, that can be tested with the inflation tax revenue curve. .

Inflation (Finance) --- Tax accounting. --- Tax laws. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Finance. --- Business Taxation/Tax Law. --- Finance, Public. --- Macroeconomics. --- Economics. --- Finance --- Natural rate of unemployment --- Taxation --- Finance, Public --- Cameralistics --- Public finance --- Currency question --- Economics --- Accounting --- Public finances --- Tax laws --- Tax legislation --- Tax regulations --- Law

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This book is a non-technical introduction to the history of – and current measurement practice of – inflation for the United Kingdom, with comparative international case studies. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people’s lives – through pension uprating, train tickets, interest rates and the work of economists – few people understand how it is created. O’Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.

Finance, Public. --- Economic theory. --- Macroeconomics. --- Economic history. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Economic History. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Economic Systems. --- Public Finance. --- Inflation (Finance) --- History. --- Finance --- Natural rate of unemployment --- Political Economy/Economic Systems. --- Cameralistics --- Public finance --- Currency question --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economic conditions --- History, Economic --- Economics --- Public finances --- Economic policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy

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This paper focuses on the role of the pass-through of the exchange rate and policydeterminants in driving inflation. Using linear and nonlinear frameworks, the paper finds: (i) after the switch to a floating exchange rate regime in 2012, nonfood prices not only directly influence headline inflation, but also have an significant impact on food inflation via second round effects; (ii) the pass-through of the exchange rate to headline inflation has jumped from zero to 11 percent under the floating regime, after controlling for other factors; (iii) the improved significance of T-bill rates in shaping inflation flags its importance in Malawi’s monetary framework although the monetary transmission mechanism needs further strengthening; (iv) the increased impact of broad money underscores the necessity for fiscal discipline and central bank independence.

Inflation (Finance) --- Exchange rate pass-through. --- Exchange rate pass-through --- Foreign exchange rate pass-through --- Pass-through of exchange rates --- Prices --- Finance --- Natural rate of unemployment --- Econometric models. --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics --- Currency --- Foreign exchange --- Monetary economics --- Exchange rate arrangements --- Monetary base --- Exchange rates --- Floating exchange rates --- Money --- Money supply --- Malawi

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This 2016 Article IV Consultation highlights a rebound in economic growth in the Islamic Republic of Iran over the course of 2016–17 based on higher oil production. Real GDP grew 7.4 percent in the first half of 2016–17, rebounding from the 2015–16 recession. However, growth in the non-oil sector averaged 0.9 percent, despite having picked up in the second quarter, reflecting continued difficulties in access to financing and domestic financial sector and structural weaknesses. Growth is projected to stabilize at 4.5 percent over the medium term as the recovery broadens. The current account is forecast to remain in surplus as higher exports offset the pickup in imports related to investment.

Fiscal policy --- Inflation (Finance) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Tax policy --- Taxation --- Finance, Public --- Government policy --- Iran --- Economic conditions. --- Banks and Banking --- Inflation --- Public Finance --- Criminology --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Fiscal Policy --- Business Taxes and Subsidies --- Illegal Behavior and the Enforcement of Law --- Taxation, Subsidies, and Revenue: General --- Banking --- Macroeconomics --- Public finance & taxation --- Corporate crime --- white-collar crime --- Econometrics & economic statistics --- Currency --- Foreign exchange --- Oil, gas and mining taxes --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Prices --- Crime --- Revenue administration --- Taxes --- Banks and banking --- Money laundering --- Revenue --- Iran, Islamic Republic of

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This 2017 Article IV Consultation highlights Panama’s economy as the fastest growing in Latin America over the past two decades. It is expected to remain among the most dynamic in the region, with stable and low inflation, sustainable public debt, a declining current account deficit, and a stable financial sector. Economic growth moderated to 4.9 percent in 2016 in the face of external headwinds, and inflation and unemployment remain subdued but have risen slightly. Fiscal consolidation continues in line with fiscal rule targets, and public debt is sustainable. Credit growth remains strong, but has begun to slow recently. The outlook is favorable despite heightened external uncertainty.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- Banks and Banking --- Macroeconomics --- Public Finance --- Statistics --- Business and Financial --- Criminology --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- General Financial Markets: Government Policy and Regulation --- Current Account Adjustment --- Short-term Capital Movements --- Illegal Behavior and the Enforcement of Law --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Banking --- Econometrics & economic statistics --- Financial services law & regulation --- International economics --- Corporate crime --- white-collar crime --- Public debt --- Commercial banks --- Financial regulation and supervision --- Revenue administration --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Crime --- Financial institutions --- Debts, Public --- Banks and banking --- Financial services industry --- Law and legislation --- Balance of payments --- Revenue --- Money laundering --- Panama