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The chronic inflation process: a model and evidence from Brazil and Israel

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  • Emanuel Barnea
  • Nissan Liviatan

Abstract

This paper challenges the dominant model which was used to explain the chronic inflation process, as in Latin America in the seventies and eighties. Unlike the usual long term view we present a variant of the Barro and Gordon policy game model which is based on short term considerations in the inflationary period. In the latter period the model implies a random walk and after stabilization the model implies stationarity. Thestatistical tests, using data from Brazil and Israel, do not reject the implications of the model.

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  • Emanuel Barnea & Nissan Liviatan, 2008. "The chronic inflation process: a model and evidence from Brazil and Israel," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 11(2), pages 151-162.
    • Handle: RePEc:taf:jecprf:v:11:y:2008:i:2:p:151-162
    DOI: 10.1080/17487870802236192
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    1. Eliana Cardoso & Albert Fishlow, 1990. "Introduction to "Developing Country Debt and Economic Performance, Volume 2: The Country Studies -- Argentina, Bolivia, Brazil, Mexico"," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 2: Country Studies—Argentina, Bolivia, Brazil, Mexico, pages 271-280, National Bureau of Economic Research, Inc.
    2. Baumann, Renato, 2002. "Brazil in the 1990s: an economy in transition," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 31748, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. -, 2005. "Preliminary Overview of the Economies of Latin America and the Caribbean 2005," Balance Preliminar de las Economías de América Latina y el Caribe, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 965 edited by Eclac.
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    Cited by:

    1. Bilin Neyapti, 2013. "Turkey's experience with disinflation: where did all the welfare gains go?," Applied Economics Letters, Taylor & Francis Journals, vol. 20(7), pages 664-668, May.

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