Stanley Fischer, IMF First Deputy Managing Director for the past seven years, stepped down from his position at the end of August. Fischer was appointed in 1994 to an initial five-year term and to a second term in 1999. He was previously the Killian Professor and head of the Department of Economics at the Massachusetts Institute of Technology. from 1988 to 1990, he served as Vice President for Development Economics and Chief Economist at the World Bank. Fischer recently spoke with the IMF Survey about his experience at the IMF and the changes he has witnessed during his tenure.
Dornbusch, Fischer, and Startz Macroeconomics has been a leading intermediate macroeconomic theory text since its introduction in 1978. This revision retains most of the texts traditional features, including a middle-of-the-road approach and very current research, while updating and simplifying the exposition. The text is now even easier to teach from. The only prerequisite continues to be principles of economics.
Since 1947, hyperinflations (by Cagan’s definition) in market economies have been rare. Much more common have been longer inflationary processes with inflation rates above 100 percent per annum. Based on a sample of 133 countries, and using the 100 percent threshold as the basis for a definition of very high inflation episodes, this paper examines the main characteristics of such inflations. Among other things, we find that (i) close to 20 percent of countries have experienced inflation above 100 percent per annum; (ii) higher inflation tends to be more unstable; (iii) in high-inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and longrun’s; (iv) inflation inertia decreases as average inflation rises; (v) high-inflation is associated with poor macroeconomic performance; and (vi) stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary.
This paper presents evidence on the behavior of output and inflation in the transition economies during 1992–95. A regression analysis explores the differences in output performance across the transition economies during this period. The paper then engages in a numerical, somewhat speculative, exercise to assess the long-run growth potential of the transition economies. It concludes that it should take about 20 years for the faster reformers to reach current OECD per capita levels.
Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.
Economicsby Begg, Fischer and Dornbusch is the definitive economics textbook, providing students with the essential coverage for their economic principles course. Thoroughly revised and updated, the new edition features: New Activity Boxes in every chapter, to encourage students to apply their learning in a real-world context New and updated example boxes in every chapter, drawn from companies and products such as easyJet, iPod and Skype and including contemporary topics such as music downloads, Live 8, international trade and house prices Updated economic data in every chapter New review questions that vary in level of difficulty, with answers at the back of the book. These allow flexibility for students at different learning stages, with the opportunity to check understanding as they work through the book New and updated material reflecting recent economic changes on climate change, globalisation and the European union Lecturers- pleasecontact your local sales representativeto find out more about the Interactive Student Workbook and NetTutor supplements that support this book.