This book explains inflation dynamic, using time series data from
1960 for 42 countries. These countries are different in every
aspect, historically, culturally, socially, politically,
institutionally, and economically. They are chosen on the basis of
the data availability only and cover the Middle East and North
Africa (MENA) region, Africa, Asia, the Caribbean, Europe,
Australasia, and the United States. Inflation reached double digits
in the developed countries in the 1970s and 80s, and then central
banks, successfully stabilized it by anchoring inflation
expectations for decades, until now. Conditional on common and
country-specific shocks such as oil price shocks, financial and
banking and political crises, wars, pandemics, natural disasters
etc., the book tests various theoretical models about the long and
short run relationships between money and prices, money growth and
inflation, money growth and real output, expected inflation; the
output gap, fiscal policy, and inflation, using a number of
parametric and non-parametric methods, and pays attention to
specifications and estimations problems. In addition, it explains
why policymakers in inflation - targeting countries, e.g. the U.S.,
failed to anticipate the recent sudden rise in inflation. And, it
examines the fallibility of the Modern Monetary Theory's policy
prescription to reduce inflation by raising taxes. This is a unique
and innovative book, which will find an audience among students,
academics, researchers, policy makers, analysts in corporations,
private and central banks and international monetary institutions.
General
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