| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6780 |
| DP6780 Tobacco and Alcohol: Complements or Substitutes? A Structural Model Approach | |
| Christoph Schmidt; Till Requate; Silja Göhlmann; Harald Tauchmann | |
| 发表日期 | 2008-04-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded 400% per annum. This paper claims that anticipated monetary and fiscal effects of a massive government bailout of owners of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed after a scandal in which it was revealed that banks had long manipulated their share prices. The government promised to reimburse innocent owners for the diminished value of their bank shares, but only after four or five years. The public believed that promise and public debt therefore implicitly increased by a large amount. That implied future monetary expansions. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and Wallace (1981). |
| 主题 | International Macroeconomics |
| 关键词 | inflation Inflation tax Public debt Rational expectations |
| URL | https://cepr.org/publications/dp6780 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535628 |
| 推荐引用方式 GB/T 7714 | Christoph Schmidt,Till Requate,Silja Göhlmann,et al. DP6780 Tobacco and Alcohol: Complements or Substitutes? A Structural Model Approach. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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