Crisis, Stabilization, and Economic Reform: Therapy by Consensus

by Michael Bruno

Overview

This book examines the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil, and Israel. It explores the common characteristics of such processes and their possible cures—with some emphasis on the lessons of the Israeli experience in respect of the role of incomes policy and the political economy of stabilization. The discussion of the theoretical underpinnings of "shock" treatments provides a good example for the blending of a number of disciplines: lessons of economic history, open economy monetary and macro theory, game-theory applications to economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility) and the rationalization of incomes policy.

Product Details

ISBN-13:	9780198286639
Publisher:	Oxford University Press
Publication date:	09/30/1993
Series:	Clarendon Lectures in Economics
Pages:	320
Product dimensions:	8.50(w) x 5.50(h) x 0.88(d)

About the Author

Hebrew University, Jerusalem

Editorial Reviews

"The author offers an excellent mix of theory and data analysis....He excels in drawing general lessons from this comparative study of economies....This volume can be recommended to all policy makers and academics specializing in inflation."—Journal of Economic Literature

"Exciting reading....Provides a rare, and quite fascinating, insider's look at the trials and tribulations of policymaking....The arguments are well presented and clearly articulated....Bruno writes with the vigor and enthusiasm of an insider."—Finance & Development

From the Publisher