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The International Journal of Labour Research provides an overview of recent research on labour and social policies from trade union researchers and academic around the world. The journal is multidisciplinary and of interest to trade union researchers, labour ministries and academics of all relevant disciplines worldwide - industrial relations, sociology, law, economics and political science.
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Although the theoretical relationships are ambiguous, evidence suggestsa strong link between the choice of the exchange rate regime and economicperformance. The paper argues that adopting a pegged exchange rate canlead to lower inflation, but also to slower growth in productivity. Itfinds that on average per capita GDP growth was slightly faster underfloating regimes than under pegged exchange regimes.
Economic growth --- International finance --- Foreign Exchange --- Inflation --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rate arrangements --- Exchange rates --- Floating exchange rates --- Conventional peg --- Prices
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A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer prices and the monetary policy regime’s performance in delivering price stability. Using input-output tables, we decompose exchange rate pass-through to consumer prices into a component that reflects the adjustment of imported goods at the border, and another that captures the response of all other prices. We find that price stability and central bank credibility have reduced the second component.
Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Monetary Policy --- Open Economy Macroeconomics --- Currency --- Foreign exchange --- Exchange rate pass-through --- Consumer prices --- Import prices --- Nominal effective exchange rate --- Prices --- Imports --- United States
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Bolder economic policy could have addressed the persistent bouts of deflation in post-bubble Japan, write Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kojo in Taming Japan's Deflation. Despite warnings from economists, intense political pressure, and well-articulated unconventional policy options to address this problem, Japan's central bank, the Bank of Japan (BOJ), resisted taking the bold actions that the authors believe would have significantly helped.With Prime Minister Abe Shinzo's return to power, Japan finally shifted course at the start of 2013 with the launch of Abenomics-an economic agenda to reflate the economy-and Abe's appointment of new leadership at the BOJ. As Taming Japan's Deflation shows, the BOJ's resistance to experimenting with bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy. The authors explain how these policy ideas evolved over the course of the BOJ's long history and gained dominance because of the closed nature of the broader policy network.The explanatory power of policy ideas and networks suggests a basic inadequacy in the dominant framework for analysis ofthe politics of monetary policy derived from the literature on central bank independence. This approach privileges the interaction between political principals and their supposed agents, central bankers; but Taming Japan's Deflation shows clearly that central bankers' views, shaped by ideas and institutions, can be decisive in determining monetary policy. Through a combination of institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of Japan with other countries, the authors show that, ultimately, the decision to adopt aggressive monetary policy depends largely on the bankers' established policy ideas and policy network.
Banks and banking, Central --- Deflation (Finance) --- Monetary policy --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Disinflation --- Finance --- Nihon Ginkō. --- Bank of Japan --- Japan. --- Nichigin --- Nippon Ginkō --- 日本銀行 --- Japan --- Economic policy --- E-books
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Japan’s revitalization plan, dubbed the “three arrows of Abenomics,” devises a three-pronged strategy—combining fiscal, monetary, and structural policies—to overcome that country’s apparent inability to sustain economic recovery. This book is the first comprehensive assessment of Abenomics and the reforms needed to make it a success, including aggressive monetary easing, growth-friendly fiscal consolidation, and structural and financial sector reforms.
Stagnation (Economics) --- Deflation (Finance) --- Disinflation --- Finance --- Economic stagnation --- Stationary state (Economics) --- Steady-state economics --- Economics --- Japan --- Economic conditions --- E-books --- Banks and Banking --- Labor --- Macroeconomics --- Public Finance --- Demography --- Exports and Imports --- Inflation --- Business Taxes and Subsidies --- Price Level --- Deflation --- Debt --- Debt Management --- Sovereign Debt --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Demand and Supply of Labor: General --- Social Security and Public Pensions --- Labour --- income economics --- Public finance & taxation --- Pensions --- Population & demography --- Corporate & business tax --- Prices --- Population and demographics --- Taxes --- Public debt --- Expenditure --- Labor markets --- Aging --- Corporate income tax --- Pension spending --- Labor market --- Debts, Public --- Population aging --- Corporations --- Taxation
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This book analyses the causes and consequences of deflation. In contrast to the widespread believe that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
Economics/Management Science. --- Macroeconomics/Monetary Economics. --- Financial Economics. --- Economic Policy. --- Economics. --- Economic policy. --- Macroeconomics. --- Finance. --- Economie politique --- Politique économique --- Macroéconomie --- Finances --- Business & Economics --- Economic Theory --- Deflation (Finance) --- Disinflation --- Macroeconomics/Monetary Economics//Financial Economics. --- Finance --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy
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The Japanese economy has experienced a structural deflationary gap since the mid-1970's. Although the gap was decreasing in the bubble period, the deflationary economy has become more serious since the bursting of the bubble. Accordingly, this book attempts to examine the causes of the Japanese deflationary economy, characterized as a structural deflation and discusses how to alleviate the prolonged slowdown in order to restore Japan to a trajectory of high economic growth, with a special focus on the function of income distribution. In addition, not only income distribution flows but also accu
Income distribution -- Japan. --- Japan -- Economic conditions. --- Japan -- Economic policy. --- Japan -- Social policy. --- Deflation (Finance) --- Finance --- Business & Economics --- Economic History --- Money --- Income distribution --- Economic development --- Disinflation --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- E-books --- Japan --- Economic conditions
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Ukraine’s gas pricing policy subsidizes gas and heating for all households. As the cost of imported gas rises, this policy increasingly weighs on government finances, sustains energy over-consumption, dampens investment in delivery systems, and undermines incentives for domestic production. However, gas price hikes have been deferred to the medium-term as they are politically unpopular. Through estimation of household demand functions by income quintiles to evaluate the distributional consequences of tarrif reform, this paper finds that tariff reforms combined with targeted social support can address the economic inefficiencies of the current pricing policy without large welfare costs to the lower income segments of the population.
Business & Economics --- Industries --- Natural gas --- Prices --- Economic aspects --- Gas, Natural --- Sour gas --- Gases, Asphyxiating and poisonous --- Hydrocarbons --- Macroeconomics --- Public Finance --- Taxation --- Aggregate Factor Income Distribution --- Trade Policy --- International Trade Organizations --- Macroeconomics: Consumption --- Saving --- Wealth --- Price Level --- Inflation --- Deflation --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Income --- Tariffs --- Consumption --- Price elasticity --- Expenditure --- National accounts --- Taxes --- Tariff --- Economics --- Expenditures, Public --- Ukraine
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This paper analyzes food inflation trends in Sub-Saharan Africa (SSA) from 2000 to 2016 using two novel datasets of disaggregated CPI baskets. Average food inflation is higher, more volatile, and similarly persistent as non-food non-fuel (NF/NF) inflation, especially in low-income countries (LICs) in SSA. We find evidence that food inflation became less persistent from 2009 onwards, related to recent improvements in monetary policy frameworks. We also find that high food prices are driven mainly by non-tradable food in SSA and there is incomplete pass-through from world food and fuel prices and exchange rates to domestic food prices. Taken together, these finding suggest that central banks in low-income countries with high and persistent food inflation should continue to pay attention to headline inflation to anchor inflation expectations. Other policy levers include reducing tariffs and improving storage and transport infrastructure to reduce food pressures.
Food prices --- Inflation (Finance) --- Finance --- Natural rate of unemployment --- Food --- Agricultural prices --- Food industry and trade --- Prices --- E-books --- Food prices. --- Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Central Banks and Their Policies --- Trade: Other --- Agriculture: Aggregate Supply and Demand Analysis --- Commodity Markets --- Currency --- Foreign exchange --- Inflation persistence --- Exchange rates --- Commodity price shocks --- China, People's Republic of
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We empirically revisit the crowding-in effect of government spending on private consumption based on rolling windows of U.S. data. Results show that in earlier samples government spending is increasingly crowding in private consumption; however, this relation is reverted in the latest periods. We propose a model embedding non-separable public and private consumption in the utility function and rule-of-thumb consumers to assess the sources of non-monotonic changes in the transmission of the shock. The iterative full information estimation of the model reveals that changes in the co-movement between private and public spending is primarily driven by the fluctuations in the elasticity of substitution between private and public consumption, the share of financially constrained consumers, and the elasticity of intertemporal substitution.
Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Monetary policy --- E-books --- Labor --- Macroeconomics --- Public Finance --- National Government Expenditures and Related Policies: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Wages, Compensation, and Labor Costs: General --- Price Level --- Inflation --- Deflation --- Public finance & taxation --- Labour --- income economics --- Expenditure --- Private consumption --- Consumption --- Real wages --- Sticky prices --- National accounts --- Prices --- Expenditures, Public --- Economics --- Wages --- United States
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