Israel’s Stabilization Programme of 1985, or Some Simple Truths of Monetary Theory

Don Patinkin
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Don Patinkin: The Hebrew University Of Jerusalem

Chapter 2 in Economics in a Changing World, 1995, pp 25-54 from Palgrave Macmillan

Abstract: Abstract The period since the Second World War has seen many instances — particularly in Latin America — of repeatedly unsuccessful attempts by governments to eliminate three-digit inflation, not to speak of hyperinflation. A frequent pattern has been that the governments in question adopted policies which at first achieved near-stabilization of the price level, but which then led to such political pressures that after a short time the governments resumed their expansionary inflationary policies. These failures, in turn, generated a lack of credibility of the government in the eyes of the public that further militated against the success of subsequent attempts to achieve stabilization (see Bruno et al., 1988; Bruno and Meridor, 1991).

Keywords: Exchange Rate; Monetary Policy; Consumer Price Index; Real Rate; Nominal Exchange Rate (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-23953-5_2

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DOI: 10.1007/978-1-349-23953-5_2

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