INFLATION AND THE STRUCTURE OF AGGREGATE OUTPUT: Theoretical, Empirical and Policy Issues by Abraham NwankwoINFLATION AND THE STRUCTURE OF AGGREGATE OUTPUT: Theoretical, Empirical and Policy Issues by Abraham Nwankwo

INFLATION AND THE STRUCTURE OF AGGREGATE OUTPUT: Theoretical, Empirical and Policy Issues

byAbraham Nwankwo

Paperback | June 6, 2017

Pricing and Purchase Info

$40.00 online 
$41.95 list price
Earn 200 plum® points

Prices and offers may vary in store

Quantity:

In stock online

Ships free on orders over $25

Not available in stores

about

Contrary to the Quantity Theory of Money, which in its various forms, implies that increases in output of goods and services will, ceteris paribus, exert downward pressure on the general price level, Dr. Nwankwo in this book, argues that the growth of some components of output could accentuate, rather than dampen inflation. This phenomenon, which the author has termed ‘Disaggregation Dissonance Hypothesis’, states that while some components of the GDP may be inversely related to the price level, other components may be positively related to the price level. In addition, interaction between sectors, measured for example with the ratio of non-agricultural output to agricultural output, could also affect the price level. In view of these observations, the author argues that the practice based on the Quantity Theory of using aggregate output as an explanatory variable for the price level is defective and inappropriate and that the use of aggregate output in an empirical study is of limited relevance because it obscures a lot of the underlying influences which are necessary for understanding the structure and dynamics of inflation. He contends that a more appropriate approach will be to use disaggregated components of the GDP, as well as sectoral interaction variables in order to bring out the different ways in which the different components of the GDP impact inflation.

The author supports his thesis with an econometric investigation, using Nigeria’s data from 1960 to 2011, which shows that when the GDP is split into agricultural and non-agricultural components, the former impacts the price level inversely, while the latter impacts the price level positively.

Abraham E. Nwankwo holds a Ph.D. degree in Economics from the University of Nigeria Nsukka, where he also obtained his Bachelors and Masters degrees in the same discipline. After a few years of lecturing at the same University, he had a versatile career in banking where he rose to top management positions. He veered into public servic...
Loading
Title:INFLATION AND THE STRUCTURE OF AGGREGATE OUTPUT: Theoretical, Empirical and Policy IssuesFormat:PaperbackDimensions:266 pages, 9.21 × 6.14 × 0.56 inPublished:June 6, 2017Publisher:Adonis & Abbey PublishersLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:1909112755

ISBN - 13:9781909112759

Reviews

Table of Contents

PART I: EMPIRICAL INVESTIGATION OF THE OUTPUT-INFLATION RELATIONSHIP

CHAPTER ONE

Introduction ............ 13

CHAPTER TWO

Some Characteristics of the Nigerian Economy Related to Inflation............. 19

CHAPTER THREE

Literature Review............  29

CHAPTER FOUR

Conceptual Framework............. 43

CHAPTER FIVE

Estimation of the Price-Output Relationship............. 49

CHAPTER SIX

Implications of the Results............. 63

PART II: SURVEY OF CENTRAL BANKING AND MONETARY POLICY

CHAPTER SEVEN

Monetary Policy Essentials and Frameworks............. 75

CHAPTER EIGHT

Bank of England and Monetary Policy............. 109

CHAPTER NINE

The U.S.A. Federal Reserve System and Monetary Policy............. 115

CHAPTER TEN

The European Central Bank and Euro Area Monetary Policy............. 131

CHAPTER ELEVEN

Bank of Japan and Japan’s Monetary Policy............. 153

CHAPTER TWELVE

China’s Central Banking and Monetary Policy............. 165

CHAPTER THIRTEEN

India’s Central Banking and Monetary Policy............. 175

CHAPTER FOURTEEN

Nigeria’s Central Banking and Monetary Policy............. 181

CHAPTER FIFTEEN

Summary and Conclusion............ 191