Disinflations in Latin America and the Caribbean: a free lunch?

This paper challenges the conventional view according to which disinflations in Latin America -even from low and moderate peaks- have been carried out at no cost to output. After suggesting a new methodology that overcomes some of the shortcomings of the traditional methods used to measure the costs...

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Autores:
Hofstetter Gascón, Marc
Tipo de recurso:
Work document
Fecha de publicación:
2006
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/7978
Acceso en línea:
http://hdl.handle.net/1992/7978
Palabra clave:
Inflation
Growth
Disinflation costs
Sacrifice ratios
Latin America
Inflación - América Latina - Modelos econométricos
Política monetaria - América Latina
Crecimiento económico - América Latina
E00, E31, E32, E52, F43
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Hofstetter Gascón, Marc87316002018-09-27T16:49:51Z2018-09-27T16:49:51Z20061657-5334http://hdl.handle.net/1992/79781657-719110.57784/1992/7978instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper challenges the conventional view according to which disinflations in Latin America -even from low and moderate peaks- have been carried out at no cost to output. After suggesting a new methodology that overcomes some of the shortcomings of the traditional methods used to measure the costs of disinflations, large sacrifice ratios are obtained for the 1970s and 80s. While the disinflation costs for the 90s remain negative, it is shown that an unusual combination of circumstances -i.e., factors related to capital inflows, structural reforms, and the peculiar recent inflation history- can explain this fortunate result.Este artículo controvierte la noción generalizada de que las desinflaciones en América Latina, aún desde picos inflacionarios bajos y moderados, no tuvieron efectos nocivos sobre la actividad económica. Después de sugerir una nueva metodología para medir costos desinflacionarios, el artículo muestra que los coeficientes de sacrificio de los 70s y 80s tienen una magnitud considerable. A pesar de que los costos desinflacionarios en la década de los 90s resultan negativos, se muestra que una combinación de eventos inusuales (ingreso masivo de capitales del resto del mundo, reformas estructurales y la reciente historia inflacionaria) explica este afortunado resultado.25 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 04 Enero de 2006https://ideas.repec.org/p/col/000089/002375.htmlDisinflations in Latin America and the Caribbean: a free lunch?Desinflaciones en América Latina y el Caribe: ¿un almuerzo gratuito?Documento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPInflationGrowthDisinflation costsSacrifice ratiosLatin AmericaInflación - América Latina - Modelos econométricosPolítica monetaria - América LatinaCrecimiento económico - América LatinaE00, E31, E32, E52, F43Facultad de EconomíaPublicationTEXTdcede2006-04.pdf.txtdcede2006-04.pdf.txtExtracted texttext/plain55253https://repositorio.uniandes.edu.co/bitstreams/687e6a02-9eac-42bb-bd14-dfe8ca5f7109/downloada2d541ae8ef98dacbab37364fb2535a6MD54ORIGINALdcede2006-04.pdfdcede2006-04.pdfapplication/pdf244740https://repositorio.uniandes.edu.co/bitstreams/b8c25a70-674d-45f8-af80-4311ecb759a3/download41107b5487f6f79966c1df8ce48b4f47MD51THUMBNAILdcede2006-04.pdf.jpgdcede2006-04.pdf.jpgIM Thumbnailimage/jpeg14059https://repositorio.uniandes.edu.co/bitstreams/dd8e591b-88ba-4aad-b07a-ad876b2a8c02/download3617de78a8f6ab5c581556bdfb351f7dMD551992/7978oai:repositorio.uniandes.edu.co:1992/79782024-06-04 15:26:10.913http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Disinflations in Latin America and the Caribbean: a free lunch?
dc.title.alternative.none.fl_str_mv Desinflaciones en América Latina y el Caribe: ¿un almuerzo gratuito?
title Disinflations in Latin America and the Caribbean: a free lunch?
spellingShingle Disinflations in Latin America and the Caribbean: a free lunch?
Inflation
Growth
Disinflation costs
Sacrifice ratios
Latin America
Inflación - América Latina - Modelos econométricos
Política monetaria - América Latina
Crecimiento económico - América Latina
E00, E31, E32, E52, F43
title_short Disinflations in Latin America and the Caribbean: a free lunch?
title_full Disinflations in Latin America and the Caribbean: a free lunch?
title_fullStr Disinflations in Latin America and the Caribbean: a free lunch?
title_full_unstemmed Disinflations in Latin America and the Caribbean: a free lunch?
title_sort Disinflations in Latin America and the Caribbean: a free lunch?
dc.creator.fl_str_mv Hofstetter Gascón, Marc
dc.contributor.author.none.fl_str_mv Hofstetter Gascón, Marc
dc.subject.keyword.none.fl_str_mv Inflation
Growth
Disinflation costs
Sacrifice ratios
Latin America
topic Inflation
Growth
Disinflation costs
Sacrifice ratios
Latin America
Inflación - América Latina - Modelos econométricos
Política monetaria - América Latina
Crecimiento económico - América Latina
E00, E31, E32, E52, F43
dc.subject.armarc.none.fl_str_mv Inflación - América Latina - Modelos econométricos
Política monetaria - América Latina
Crecimiento económico - América Latina
dc.subject.jel.none.fl_str_mv E00, E31, E32, E52, F43
description This paper challenges the conventional view according to which disinflations in Latin America -even from low and moderate peaks- have been carried out at no cost to output. After suggesting a new methodology that overcomes some of the shortcomings of the traditional methods used to measure the costs of disinflations, large sacrifice ratios are obtained for the 1970s and 80s. While the disinflation costs for the 90s remain negative, it is shown that an unusual combination of circumstances -i.e., factors related to capital inflows, structural reforms, and the peculiar recent inflation history- can explain this fortunate result.
publishDate 2006
dc.date.issued.none.fl_str_mv 2006
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:49:51Z
dc.date.available.none.fl_str_mv 2018-09-27T16:49:51Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/workingPaper
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dc.identifier.issn.none.fl_str_mv 1657-5334
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dc.identifier.eissn.none.fl_str_mv 1657-7191
dc.identifier.doi.none.fl_str_mv 10.57784/1992/7978
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Séneca
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identifier_str_mv 1657-5334
1657-7191
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instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
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url http://hdl.handle.net/1992/7978
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 04 Enero de 2006
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/002375.html
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.accessrights.spa.fl_str_mv info:eu-repo/semantics/openAccess
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rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 25 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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