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

June 6, 2017|
INFLATION AND THE STRUCTURE OF AGGREGATE OUTPUT: Theoretical, Empirical and Policy Issues by Abraham Nwankwo
$40.00 
$43.33 save 7%
Paperback
Earn 200 plum® points
Buy Online
Ship to an address
Free shipping on orders over $35
Pick up in store
To see if pickup is available,
In-Store Availability
Not sold in stores
Prices and offers may vary in store

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:PaperbackProduct dimensions:266 pages, 9.21 X 6.14 X 0.56 inShipping dimensions:266 pages, 9.21 X 6.14 X 0.56 inPublished:June 6, 2017Publisher:Adonis & Abbey PublishersLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:1909112755

ISBN - 13:9781909112759

Appropriate for ages: All ages

Look for similar items by category: