新兴国家限制性货币政策的影响

IF 5.5 2区经济学 Q1 ECONOMICS

Structural Change and Economic Dynamics Pub Date : 2025-06-26 DOI:10.1016/j.strueco.2025.06.016

Akanksha Mishra , Amlendu Dubey

{"title":"新兴国家限制性货币政策的影响","authors":"Akanksha Mishra , Amlendu Dubey","doi":"10.1016/j.strueco.2025.06.016","DOIUrl":null,"url":null,"abstract":"<div><div>We study the sacrifice ratios for 465 disinflationary episodes in emerging market and developing economies using a dataset of 123 countries during 1979 to 2023. We find that average output cost of disinflation was significantly higher during COVID-19 period as compared to the previous disinflationary episodes, suggesting that supply side disruptions elevated the output costs of monetary tightening during the period. Further, we find that speed of disinflation and peak inflation significantly reduce sacrifice ratios suggesting a role for “cold turkey” approach as against the gradualism.</div></div>","PeriodicalId":47829,"journal":{"name":"Structural Change and Economic Dynamics","volume":"74 ","pages":"Pages 915-927"},"PeriodicalIF":5.5000,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of restrictive monetary policy in emerging countries\",\"authors\":\"Akanksha Mishra , Amlendu Dubey\",\"doi\":\"10.1016/j.strueco.2025.06.016\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We study the sacrifice ratios for 465 disinflationary episodes in emerging market and developing economies using a dataset of 123 countries during 1979 to 2023. We find that average output cost of disinflation was significantly higher during COVID-19 period as compared to the previous disinflationary episodes, suggesting that supply side disruptions elevated the output costs of monetary tightening during the period. Further, we find that speed of disinflation and peak inflation significantly reduce sacrifice ratios suggesting a role for “cold turkey” approach as against the gradualism.</div></div>\",\"PeriodicalId\":47829,\"journal\":{\"name\":\"Structural Change and Economic Dynamics\",\"volume\":\"74 \",\"pages\":\"Pages 915-927\"},\"PeriodicalIF\":5.5000,\"publicationDate\":\"2025-06-26\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Structural Change and Economic Dynamics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0954349X25001146\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Structural Change and Economic Dynamics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0954349X25001146","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

摘要

我们使用1979年至2023年123个国家的数据集，研究了新兴市场和发展中经济体465次反通胀时期的牺牲率。我们发现，与之前的反通胀时期相比，2019冠状病毒病期间反通胀的平均产出成本要高得多，这表明在此期间，供给侧中断提高了货币紧缩的产出成本。此外，我们发现通货紧缩和通货膨胀峰值的速度显著降低了牺牲率，这表明“突然停止”方法的作用与渐进主义相反。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The impact of restrictive monetary policy in emerging countries

We study the sacrifice ratios for 465 disinflationary episodes in emerging market and developing economies using a dataset of 123 countries during 1979 to 2023. We find that average output cost of disinflation was significantly higher during COVID-19 period as compared to the previous disinflationary episodes, suggesting that supply side disruptions elevated the output costs of monetary tightening during the period. Further, we find that speed of disinflation and peak inflation significantly reduce sacrifice ratios suggesting a role for “cold turkey” approach as against the gradualism.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Structural Change and Economic Dynamics ECONOMICS-

CiteScore

9.60

自引率

4.90%

发文量

159

期刊介绍： Structural Change and Economic Dynamics publishes articles about theoretical, applied and methodological aspects of structural change in economic systems. The journal publishes work analysing dynamics and structural breaks in economic, technological, behavioural and institutional patterns.