TY - BOOK ID - 84548348 TI - Finance & Development, June 2003. AU - International Monetary Fund. AU - International Monetary Fund PY - 2003 SN - 1463921837 1463987439 1283533898 9786613846341 1463926421 9781463926427 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Inflation (Finance) KW - Finance KW - Natural rate of unemployment KW - E-books KW - Finance: General KW - Inflation KW - Macroeconomics KW - Money and Monetary Policy KW - Poverty and Homelessness KW - Price Level KW - Deflation KW - General Financial Markets: General (includes Measurement and Data) KW - Aggregate Factor Income Distribution KW - Personal Income, Wealth, and Their Distributions KW - Welfare, Well-Being, and Poverty: General KW - Poverty & precarity KW - Monetary economics KW - International economics KW - Health economics KW - Personal income KW - Poverty KW - Hyperinflation KW - Prices KW - National accounts KW - Income KW - Income distribution KW - National income KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84548348 AB - This paper describes the importance of luck, timing, and political institutions in beating inflation. The paper highlights that countries experiencing high inflation typically make several disinflation attempts, some of which succeed only temporarily. If a country trying to stabilize prices and wages is unlucky enough to be exposed to severe external shocks—for example, a decline in demand for its exports—during its disinflation, the likelihood of failure is increased. A shock such as an increase in U.S. interest rates makes failure more likely for a country with an open capital account. ER -