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Stabilization Efforts (stabilization + effort)

Distribution by Scientific Domains

Humanities and Social Sciences	50%
Business, Economics, Finance and Accounting	50%

Selected Abstracts

Monetary Policies in the Presence of Asymmetries

JCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 4 2000
Paul De Grauwe
In this article we study the theory of monetary policy when the monetary authority faces asymmetries in the countries constituting the monetary union. We identify two asymmetries (shocks and transmission) in the context of a two-country model. A general finding is that, as the degree of asymmetries increases, the effectiveness of stabilization of output and unemployment is reduced. As a result, when asymmetries increase, the stabilization effort of the central bank declines for given preferences about stabilization. We also find that the central bank can improve the efficiency of its monetary policies when asymmetries in the transmission exist, by using national information in the setting of optimal policies. The declared strategy of the ECB conflicts with this prescription. However, in practice the ECB is likely to follow this prescription. [source]

Obstacles to disinflation: what is the role of fiscal expectations?

ECONOMIC POLICY, Issue 40 2004
Oya Celasun
SUMMARY Disinflation deficits Persistently high expected inflation often makes it difficult for policy-makers to recover from inflationary episodes without substantial output losses. Using survey data from eleven disinflation episodes, we can assess whether the more or less sluggish decline of inflation rates towards lower target levels is related to backward-looking pricing behavior or to imperfect credibility of the stabilization efforts. We find that expectations of future inflation play a much more important role than past inflation in shaping the inflation process. Second, we find that an improvement in various measures of fiscal balances significantly reduces inflation expectations. This evidence suggests that, when attempting to stabilize inflation, priority should be given to building fiscal credibility. , Oya Celasun, R. Gaston Gelos and Alessandro Prati [source]

The Magic of the Populace: An Ethnography of Illegibility in the South African Immigration Bureaucracy

POLAR: POLITICAL AND LEGAL ANTHROPOLOGY REVIEW, Issue 1 2010
Colin Hoag
Recent anthropological accounts of the state have demonstrated the potential for danger or illegibility in the public's encounter with the state. Much of this work has taken the perspective of the public, however, and less has been said about how functionaries of the state perceive their interactions with the public. This perspectival bias needs to be overcome through ethnographies of the state and of state bureaucracies in everyday practice. This article examines the Immigration Services Branch of the South African Department of Home Affairs, a state bureaucracy widely deemed "illegible" by South Africans and non-South Africans alike. It documents some of the factors that inform the actions of street-level bureaucrats, illustrating how bureaucrats develop systems of meaning to help them mitigate the challenges posed by an unpredictable populace and management hierarchy. These systems serve to stabilize these two unstable entities, but they also enable officials to act in ways that might run counter to official discourse while simultaneously upholding its legitimacy. Their stabilization efforts therefore incite a destabilization of the state, leading it to appear as "magical" or "illegible" to the public. [source]

Is Disinflation Good for the Stock Market?

THE JOURNAL OF FINANCE, Issue 4 2002
Peter Blair Henry
The stock market appreciates by an average of 24 percent in real dollar terms when countries attempt to stabilize annual inflation rates that are greater than 40 percent. In contrast, the average market response is 0 when the pre,stabilization rate of inflation is less than 40 percent. These results suggest that the potential long,run benefits of stabilization may dominate short,run costs at high levels of inflation, but at low to moderate levels of inflation, benefits may be offset by costs in a present value sense. Stock market responses also help predict the change in inflation and output in the year following all 81 stabilization efforts. [source]