Inflation, Stagflation, Relative Prices, and Imperfect Information

Alex Cukierman

doi:10.1017/CBO9780511895906

This book surveys the imperfect-information approach to inflation and its real effects. Two types of informational limitation are considered. One involves situations in which individuals have asymmetric information about the current general price level and consequently confuse relative and aggregate changes in prices. The other considers situations in which individuals cannot distinguish permanent from transitory changes as soon as they occur, creating a temporary but persistent confusion between such changes. The author presents the arguments within the context of the recent re-evaluations by economists of previously established views concerning inflation and its interaction with real phenomena.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-x
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Preface
pp xi-xiv
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1 - A general overview
pp 1-10
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Part I - Aggregate–relative confusion
pp 11-12
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2 - Asymmetric information in economics and the information conveyed by prices and other signals
pp 13-34
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3 - Aggregate–relative confusion: implications for the Phillips curve
pp 35-52
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4 - Aggregate–relative confusion: implications for the distribution of inflationary expectations and for inflation uncertainty
pp 53-68
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5 - Implications of inflation uncertainty and differential inflationary expectations for the bond market and its allocative efficiency
pp 69-83
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6 - Aggregate–relative confusion: implications for relative price variability
pp 84-106
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7 - Place of the aggregate–relative confusion within the economics of asymmetric information: some concluding reflections
pp 107-112
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Part II - Permanent–transitory confusion
pp 113-114
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8 - Permanent–transitory confusion and other reasons for persistence: overview
pp 115-122
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9 - Permanent–transitory confusion: implications for stagflation and the persistence of unemployment
pp 123-144
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10 - Permanent–transitory confusion: implications for monetary policy and the efficiency of the price system
pp 145-165
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11 - Permanent–transitory confusion: implications for relative price variability and inflation
pp 166-174
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Notes
pp 175-182
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Glossary of symbols
pp 183-189
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References
pp 190-197
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Index
pp 198-202
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Contents

Frontmatter
pp i-vi

Contents
pp vii-x

Preface
pp xi-xiv

1 - A general overview
pp 1-10

Part I - Aggregate–relative confusion
pp 11-12

2 - Asymmetric information in economics and the information conveyed by prices and other signals
pp 13-34

3 - Aggregate–relative confusion: implications for the Phillips curve
pp 35-52

4 - Aggregate–relative confusion: implications for the distribution of inflationary expectations and for inflation uncertainty
pp 53-68

5 - Implications of inflation uncertainty and differential inflationary expectations for the bond market and its allocative efficiency
pp 69-83

6 - Aggregate–relative confusion: implications for relative price variability
pp 84-106

7 - Place of the aggregate–relative confusion within the economics of asymmetric information: some concluding reflections
pp 107-112

Part II - Permanent–transitory confusion
pp 113-114

8 - Permanent–transitory confusion and other reasons for persistence: overview
pp 115-122

9 - Permanent–transitory confusion: implications for stagflation and the persistence of unemployment
pp 123-144

10 - Permanent–transitory confusion: implications for monetary policy and the efficiency of the price system
pp 145-165

11 - Permanent–transitory confusion: implications for relative price variability and inflation
pp 166-174

Notes
pp 175-182

Glossary of symbols
pp 183-189

References
pp 190-197

Index
pp 198-202

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Inflation, Stagflation, Relative Prices, and Imperfect Information

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