此篇論文研究當無通膨目標、存在固定通膨目標及央行宣示通膨目標之三種不同情況下，央行之最適貨幣政策。我們建立數個顯示不同通膨和產出比重之模型，並探討當央行偏離中位數投票者偏好時，對貨幣政策有何影響。 若社會福利函數中之產出的比重較重，在無通膨目標、存在固定通膨目標下，通膨偏誤皆較大。但央行宣示通膨目標時，無論通膨或產出比重較重，視其不同條件而定，通膨偏誤可能較大或較小。另外，央行偏離通膨目標的懲罰，罰責越重使央行宣告之通膨率對民眾預期通膨之影響可能越大，亦可能越小。 將央行偏離中位數投票者偏好之因素納入考量時，在無通膨目標、存在固定通膨目標下，社會福利函數中之通膨比重較重時，通膨偏誤仍較低，而央行宣示通膨目標時，通膨偏誤仍可能較大或較小。但引入央行偏離中位數投票者偏好時，在某些條件下，通膨偏誤可能進一步下降。 / The paper studies the central bank’s monetary policy under pure discretionary, noncontingent targeting and targeting with announcement. We construct models with different weight on inflation and output in the social welfare function. Furthermore, we introduce the central bank’s deviations from the preference of the medium voters into the models to show the effects on monetary policy. The inflation bias is larger when there is more weight on output in the social welfare function in the case of pure discretionary policy and noncontingent targeting. In the case of targeting with announcement, regardless of more weight on inflation or on output, the inflation bias is either larger or smaller under different conditions. Besides, a greater penalty on the central bank’s deviations from the inflation target may increase or decrease the effect of announcements on the public’s inflation expectations. With consideration of the central bank’s deviations from the preference of the medium voters, the inflation bias is still smaller when there’s more weight on inflation in the social welfare function in the case of pure discretionary policy and noncontingent targeting. In targeting with announcement, the inflation bias may still be larger or smaller. However, with the central bank’s deviations from the preference of the medium voters, the inflation bias can be reduced further under some conditions.

This dissertation presents a new measure of U.S. inflation persistence from the point of view of a professional forecaster. In chapter 2 I explore two different measures that give insight into the views of professional forecasters and link their views with U.S. inflation data. One of these measures, given by the persistence implied by forecast revisions, appears to have similarities with actual inflation persistence over the 1981–2008 sample period. Chapter 3 explores forecast revisions in a more general setting allowing forecasters to have their own views on inflation persistence as well as a unique information set. This chapter builds a measure of perceived inflation persistence via the implied autocorrelation function that follows from the estimates obtained using a forecaster-specific state-space model. When compared to the autocorrelation function for actual inflation, forecasters tend to react less to shocks that hit inflation than the actual inflation data would suggest. This could be due to increased credibility of the Federal Reserve, but it could also be a result of a bias in the underlying inflation forecasts. Chapter 4 focuses on this issue and finds that the reluctance of forecasters to make revisions to their previously announced forecasts causes their estimates of perceived inflation persistence to be understated as their announced inflation forecasts differ from their true inflation expectations. This chapter also presents a method to undo this bias by retrieving their true inflation expectations series. / Thesis (Ph.D, Economics) -- Queen's University, 2012-12-21 15:39:23.616

This dissertation examines Cassell's theory of purchasing power parity within the context of post-World War II foreign exchange markets and government policies.

The study was designed to examine the causal relationship between the Venezuelan inflation and the monetarist variables--money supply--and the structuralist variables-- exchange rate and balance of payments. The data (1964-1982) was gathered from the International Financial Statistic Yearbook, 1983 and the Statistical Yearbook, 1974, 1982. Chapter I is an introduction to the research problem. Chapter II does a review of the related literature. Chapter III deals with the methods and procedures for treating the data. Chapter IV presents an statistical analysis of the data. And, Chapter V contains a summary of the study and its findings, conclusions and recommendations. The study only found a significant relationship between inflation and the monetarist variables money supply and GNP, though supporting the monetarist theory. A similar investigation is suggested, but selecting a longer time period, other.variables, and more refined methodologies and analysis.

M.Com. (Financial Economics) / Forecasting inflation is an important concern for economists and business alike throughout the world. Despite the relative success of macroeconomic forecasting models in forecasting inflation, there is potential to improve these models to account for nonlinear relationships between inflation and the chosen independent variables. Artificial neural networks (ANNs) have found increased applicability as a potential nonlinear forecasting tool that accounts for nonlinearity found in data. In this study, we investigate the ability of genetically optimised neural networks to forecast South African inflation. The results were compared to economic forecasts obtained from traditional econometric models as well as macroeconomic structural models. The results obtained show that the genetically optimised neural networks indicate some ability to be used as potential forecasting tools. Their biggest advantage over the traditional forecasting techniques is that they do not impose the restriction of linearity on the data to be forecasted.

The thesis focuses on theoretical and empirical analysis of the deterioration of price perception among European consumers after the introduction of the euro banknotes and coins. The aim of the thesis is to find out the major factors which provoked a rapid increase of the indicator of perceived inflation after 2002, while inflation in euro zone continued developing moderately, and to derive some conclusions for economic policy of candidate countries to euro introduction. There are at least four reasons why it matters to analyse the distortion of the indicator of perceived inflation from the HICP index which measures the inflation in the euro zone. Firstly, from the political and economical perspective there is a risk of weak support for the European monetary integration. Secondly, the distortion of price perception can deteriorate the belief in the official statistics. Thirdly, the inaccurate price perception can lead to wrong consumer decisions having an impact on a volume or a structure of national consumption. Last but not least, there is a risk of a negative impact on price expectations. In order to meet its goals, the thesis stases several hypotheses which analyse the problem from two perspectives. Firstly, from a mere review of detailed prices in the period of the introduction of the euro banknotes and coins (Hypotheses: (i) the consumers are more sensitive towards some price movements, therefore the deterioration of the indicator of perceived inflation can be explained by the abnormal evolution of some prices in the critical period of the euro introduction, (ii) convergence of the new euro prices towards round prices lead to frequent price movements having an impact on price perception) Secondly, from the point of view of limited perception of prices by consumers (Hypothesis: (iii) consumers does not behave rationally when deciding about prices therefore they are not able to perceive all price movements). The thesis is organized in three chapters. The first chapter is mainly theoretical and introduces the problem of perceived inflation. It is followed by two chapters which combine empirical and theoretical analysis of the drivers of perceived inflation after the euro introduction. Within its conclusions, the thesis identifies a combination of several factors that caused a rapid increase of the indicator of perceived inflation after the changeover which have their origins in a changed monetary environment. The effects coming from using rounded conversion rates instead of the official ones in mental conversions of the new euro prices to the old prices in national currencies, limited the possibility for consumers to perceive correctly the price movements. Moreover, higher sensitivity towards price increases in comparison to price decreases and a higher inflation in some areas led to blaming the new currency for high inflation. The irrational behaviour of consumers in relation to prices was strengthened by the effects of the new currency. The thesis also states that while the increase of the indicator of perceived inflation had no negative impact on inflation expectations, the deterioration of inflation perception might negatively influence consumption.

"The purpose of this paper is to analyze the problem created by a rising price level as it affects accounting and to appraise in the light of the broad social responsibility of accounting certain proposals for giving effect to price-level changes in accounting statements"--Introduction. / Typescript. / "August, 1958." / "Submitted to the Graduate Council of Florida State University in partial fulfillment of the requirements for the degree of Master of Science." / Advisor: John E. Champion, Professor Directing Paper. / Includes bibliographical references.

Depuis les années 1950, la société taïwanaise ne cesse de progresser en économie en réduisant les écarts de revenus entre classes sociales. En effet, ce phénomène paradoxal n'est pas un fait normal par rapport aux autres modes de développement dans le monde. Des recherches ont montré qu'il existe un rapport fort entre une société riche et égalitaire et la multiplication des classes moyennes. Des recherches qui ont envisagé ce phénomène ont porté leurs fruits, en particulier dans le domaine de l'économie. Néanmoins, cela n'est pas suffisant pour expliquer la complexité de la multiplication des classes moyennes. En effet, les classes sociales sont composées de divers éléments économiques, culturels et politiques. Il conviendrait de réfléchir sur l'histoire de Taïwan et d’explorer les significations politiques, culturelles et économiques, afin de rendre compte de la dynamique et de la formation des classes moyennes à Taïwan. En premier lieu, ce projet se donne pour objectif l'étude de la trajectoire de la composition des classes moyennes à Taïwan. Ensuite, dans la deuxième partie, il analysera les dynamiques variées qui contribuent à la révolution des éléments essentiels des classes moyennes au fur et à mesure du développement de la société taïwanaise. La troisième partie a pour but d'examiner "la crise des classes moyennes" de nos jours qui est principalement issue de l’inflation de diplôme, du manque de pouvoir syndical des salariés et de la libéralisation du monde économique qui se conforme à l’esprit de néo-libéralisme. Ce projet s'appuiera sur la méthode qui se définit par une démarche de la sociologie historique et une analyse des données empiriques. / Since the 1950s, Taiwan continues to grow in economy and reduce income disparities between social classes in the same time. Some researchers have shown a strong relationship between a rich and egalitarian society and the growth of the middle class. However, this is not sufficient to explain the complexity of the multiplication of the middle class. In fact, classes are composed of economic, cultural and political elements. In the purpose to realize this complexity, this research try to explore the political, cultural and economic elements in the contemporary history of Taiwan which help us to realize the dynamics and the formation of the middle class in Taiwan. In the first place, this research explores the trajectory of the composition of the middle class in Taiwan. In the second place, we analyze the elements which contribute to a middle class as the essential role in the development process of the society of Taiwan. In the third place, this research will examine "the crisis of the middle class" in today's Taiwan society: inflation diploma, lack of labor power of workers and liberalization of the economic world that conforms to the spirit of neo-liberalism. This project will build on the method that is defined by an analysis of historical sociology and empirical data.

A presente tese embasa-se na concepção de que a obtenção e a manutenção da estabilidade de preços na economia brasileira dependem não apenas da adoção de medidas pontuais de curto prazo, como também da contemplação da inflação, ao lado do crescimento econômico, como objetivos correlacionados no contexto de um projeto de desenvolvimento atinente a um horizonte ampliado de tempo. Em termos de políticas conjunturais de controles de preços, evidencia-se que, dado a inflação brasileira não consubstanciar-se em um fenômeno precipuamente de demanda, outras medidas, que não a mera elevação da taxa básica de juros, revelam-se necessárias; ademais, clarifica-se que aumentos nos juros, por seus significativos impactos contracionistas sobre a atividade econômica, comprometem a própria estabilidade futura de preços, consistindo, portanto, em uma conduta anti-inflacionária deveras ineficiente. No que tange ao longo prazo, argumenta-se que a inflação brasileira apresenta especificidades que a tornam variável dependente do processo de desenvolvimento econômico, social e institucional do País. Em assim sendo, entende-se que a dinâmica inflacionária brasileira vincula-se significativamente ao comportamento de determinados atributos intrínsecos ao setor produtivo nacional. Evidências empíricas obtidas neste trabalho a partir da estimação de um modelo SVAR concernente ao período que se segue a dezembro de 2009 mostram a existência de uma relação negativa entre inflação e produtividade na indústria de transformação, revelando-se tal relação, entretanto, inelástica, o que esclarece que o empresariado brasileiro tende a converter a maior parte dos ganhos de produtividade em expansões de mark-up, em vez de repassá-los primordialmente aos preços. Assim, constata-se que os problemas inflacionários enfrentados pela economia brasileira se mostram deveras complexos, e que sua resolução não depende apenas de vontade política. Desse modo, salta aos olhos a ineficiência do simplismo inerente ao Regime de Metas de Inflação no que tange à persecução da estabilidade de preços no Brasil. / The present thesis is based on the idea that obtaining and maintaining price stability in the Brazilian economy depends not only on the adoption of short-term measures, but also on the contemplation of inflation, alongside economic growth, as correlated objectives in the context of a development project related to an extended horizon of time. In terms of the cyclical policies of price control, it is evident that, given that Brazilian inflation is not mainly consubstantiated in a demand phenomenon, alternative measures, other than the mere increase of the benchmark interest rate, are necessary; in addition, it is clarified that increases in interest rates, due to their significant contractionary impacts on economic activity, jeopardize the future price stability, thus constituting an inefficient anti-inflationary behavior. With regard to the long-term, it is argued that Brazilian inflation shows specificities that make it a variable dependent of the economic, social and institutional development process of the Country. Accordingly, it is understood that the Brazilian inflationary dynamics is significantly linked to behavior of certain attributes intrinsic to the national productive sector. Empirical evidence obtained in this work from the estimation of a SVAR model concerning to the period after December 2009 shows the existence of a negative relationship between inflation and productivity in the manufacturing industry, revealing this relationship, however, inelastic, what clarifies that Brazilian businessmen tend to convert most of their productivity gains into mark-up expansions, instead of passing them along primarily to prices. So, it can be seen that the inflationary problems faced by the Brazilian economy are very complex, and that their resolution depends not only on political will. Therefore, the inefficiency of the simplicity inherent to the Inflation Targeting Regime in relation to the pursuit of price stability in Brazil is quite clear.

by Chien Pak-hing, Leung Chi-lap. / Bibliography: leaves 192-195 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1982