Каталог "Статии" | Статия от списание

The Political Economy of Nominal Macroeconomic Pathologies

Shanker Satyanath; Arvind Subramanian

Детайли

Източник

IMF Staff Papers

Година на издаване

2007

Пор.№

Страници

419-453

Класификационен индекс

УДК	Тематика
330.101.54	Макроикономика. Микроикономика
330.35	Икономически растеж. Екстензивно и интензивно развитие, взаимовръзка между отделните фактори на стоп

Том

Ключови думи

макроикономика, макроикономически показатели, икономически растеж, инфлация, отворена икономика, демокрация, демократични институции, социално разслоение

Допълнителна информация

Отрасъл: Общ отдел
Анотация: Recognizing that inflation and the macroeconomic policies that affect it can emanate from distributional conflicts in society, we examine the deep determinants of several nominal pathologies and related policy variables from a distributional perspective. We develop new instruments and use well-established existing instruments for these deep determinants and find that two deep determinants—societal divisions and democratic institutions—have a powerful and robust causal impact on nominal macroeconomic outcomes. Surprisingly, given the widespread attention accorded to the effects of populist democracy on inflation, democracy robustly serves to reduce inflation over the long term. A one standard deviation increase in democracy reduces inflation nearly fourfold. A similar increase in societal divisions increases inflation more than twofold. Our results are robust to alternative measures of democracy, samples, covariates, and definitions of societal division. It is particularly noteworthy that a variety of nominal pathologies and their proximate policy causes discussed in the recent macroeconomic literature, such as procyclical policy, absence of central bank independence, original sin, and debt intolerance, have common origins in societal divisions and undemocratic political institutions.
Системен №: 68017
Тематични рубрики: Икономика. Икономически теории, Икономикс

The Political Economy of Nominal Macroeconomic Pathologies

Детайли

Допълнителна информация

Действия