WHY HAVE SO MANY DISINFLATIONS SUCCEEDED?

Marc Hofstetter

Contemporary Economic Policy, 2008, vol. 26, issue 1, 89-106

Abstract: Why is it that the achievements of some disinflations from low and moderate peaks are long‐lived, whereas in others the gains in the inflationary front dissipate quickly? Based on an index of the sustainability of disinflations, various competing explanations of what determines sustainability are tested. Three factors, potentially at the top of the list of many researchers, are shown to be insignificant: oil shocks, fiscal policy, and inflation targeting. Nevertheless, other important features such as the exchange rate regime, achieving low inflation rates during the disinflation, and food price shocks are shown to be important variables driving the sustainability records. (JEL E31, E32, E52, E58, F41)

Date: 2008
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https://doi.org/10.1111/j.1465-7287.2007.00056.x

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Working Paper: WHY HAVE SO MANY DISINFLATIONS SUCCEEDED? (2005)
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