Forthcoming, Journal of Money, Credit, and Banking Inflation and the Poor (2007)
William Easterly, Stanley Fischer
International Monetary Fund Abstract: Using polling data for 31869 households in 38 countries and allowing for country effects, we show that the poor are more likely than the rich to mention...
Jonathan Isham, Daniel Kaufmann, Angus Deaton, Paul Duane, Eduardo Engel, Stanley Fischer, ...
Using economic rates of return from World Bank-funded investments, we investigate how country characteristics and policies that influence aggregate performance affect investment productivity....
Morris Goldstein, Dennis Weatherstone, Senior Fellow, C. Fred Bergsten, Stanley Fischer, Mohsin Khan, ...
It’s not easy to get senior economic officials worked up about the functioning of the international monetary system. Usually, they are preoccupied with the more immediate issues surrounding the...
“Economic and Financial Crises in Emerging Market Economies” (2000)
Morris Goldstein, Dennis Weatherstone, Senior Fellow, Mark Allen, Caroline Atkinson, C. Fred Bergsten, ...
Williamson, and Yukio Yoshimura for helpful comments on an earlier draft, and to Trond Augdal for superb research assistance. I also want to thank Stanley Fischer and his colleagues at the IMF for...
[Macroeconomía por Rudiger Dornbusch] (1998)
Dornbusch, Rudiger, Fischer, Stanley, Startz, Richard
Traducción de: Macroeconomics
Why Are Central Banks Pursuing Long-Run Price Stability? (1996)
Stanley Fischer The, Stanley Fischer
this paper has at least two interesting interpretations. The first is why long-run price stability is desirable. The second is what political economy arguments have led to the view that price...
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets (1996)
Hans Dillén, Neil Ericsson, Jon Faust, Stanley Fischer, Marvin Goodfriend, ...
Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both...
The Soviet Economic Decline (1995)
Easterly, William, Fischer, Stanley
Soviet growth from 1960 to 1989 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. There is some evidence that the burden of...
Economía / S. Fischer; et al.; tr. por: Luis Toharia y Esther Rabasco. (1994)
Traducción de: Economics
[Macroeconomía por Rudiger Dornbusch] (1994)
Dornbusch, Rudiger, Fischer, Stanley
Contiene: Introducción a la economía: hechos y primeros modelos; La demanda y la oferta agregadas y el crecimiento; Los fundamentos de la conducta; La inflación, el desempleo, los déficit...
Dornbusch, Rudiger, Fischer, Stanley
Inflation persists at moderate rates of 15 to 30 percent in all the countries that successfully reduced triple digit inflations in the 1980s. Several other countries, for example Colombia, have...
[Macroeconomía por Rudiger Dornbusch] (1991)
Dornbusch, Rudiger, Fischer, Stanley
Traducción de: Macroeconomics
THE ECONOMICS OF THE GOVERNMENT BUDGET CONSTRAINT (1990)
Fischer, Stanley, Easterly, William
This article summarizes the simple analytics of the macroeconomic effects of government budget deficits. The presentation is organized around three key relationships: the national income accounts...
Lectures on macroeconomics / Olivier Jean Blanchard and Stanley Fischer (1989)
Blanchard, Olivier, Fischer, Stanley
Reimpresíon en 1996
Dornbusch, Rudiger, Fischer, Stanley, Le Roy Miller, Roger
Traducción de: Intermediate microeconomics : theories, issues and aplplications
ISSUES IN MEDIUM-TERM MACROECONOMIC ADJUSTMENT (1986)
Four years after the onset of the world debt crisis, the issue is how to restore growth. The answer is structural adjustment, both macro and micro. At the macro level, adjustments have to be made to...
[Macroeconomía por Rudiger Dornbusch] (1981)
Dornbusch, Rudiger, Fischer, Stanley
Traducción de: Macroeconomics
Essays on assets and contingent commodities. (1969)
Massachusetts Institute of Technology. Dept. of Economics. Thesis. 1969. Ph. D.
Essays on assets and contingent commodities. (1969)
Massachusetts Institute of Technology. Dept. of Economics. Thesis. 1969. Ph.D.
The Soviet economic decline : historical and republican data
Easterly, William, Fischer, Stanley
Soviet growth for 1960-89 was the worst in the world, after controlling for investment and human capital. And relative performance worsens over time. The authors explain the declining Soviet growth...
Policies for economic development
Fischer, Stanley, Thomas, Vinod
This paper looks at the economic policies and institutions needed to generate and sustain economic growth and development. It argues that policy and institutional reforms are needed in three broad...
Reflections on One Year at the Bank of Israel
In this paper I reflect on my first year as Governor of the Bank of Israel, which I joined in May 2005. I start by describing the current state of the Israeli economy and monetary policy and economic...
Sterling and the External Balance
Rudiger Dornbusch, Stanley Fischer
This paper analyzes the behavior of the current account and the exchange rate in the British economy during the 1970's, and discusses the outlook, as influenced by the availability of oil revenues,...
Corporate Supply of Index Bonds
This paper develops a simple theory of the supply of index bonds by a firm, and uses that model to examine in some detail possible reasons for the non-existence of privately issued index bonds in the...
On Activist Monetary Policy With Rational Expectations
The paper examines the case for activist monetary policy. It accepts the view that expectations are formed rationally, but not the implication of flexible price, equilibrium, rational expectations...
Towards An Understanding of the Real Effects and Costs of Inflation
Stanley Fischer, Franco Modigliani
The organization of the paper is simple. We start by examining the real effects of anticipated inflation in an economy that has fully adapted to inflation. In particular, in this economy: (i) public...
Inventories, Rational Expectations, and the Business Cycle
Alan S. Blinder, Stanley Fischer
The simplest macroeconomic models in which markets clear instantaneously, and expectations are rational preclude the existence of "business cycles," that is, of serially correlated deviations of...
Supply Shocks, Wage Stickiness, and Accommodation
The main issue discussed in the supply shock literature that followed the oil and food price shocks of the seventies was whether to accommodate. The supply shock reduces the equilibrium level of...
Much of the opposition to indexation as a means of adapting to on going inflation arises from the view that indexation is itself inflationary. This paper examines the basis for that view in a simple...
Seigniorage and Fixed Exchange Rates: An Optimal Inflation Tax Analysis
A country that decides to fix its exchange rate thereby gives up control over its own inflation rate and the determination of the revenue received from seigniorage. If the country goes further and...
Welfare Aspects of Government Issue of Indexed Bonds
Government issue of bonds indexed to the price level has long been recommended by economists, to no observed effect. Recently skepticism has been expressed about the real effects of such government...
Macroeconomics and Finance: The Role of the Stock Market
Stanley Fischer, Robert C. Merton
The treatment of the stock market in finance and macroeconomics exemplifies many of the important differences in perspective between the two fields. In finance, the stock market is the single most...
The Inflationary Process in Israel: Shocks and Accommodation
Michael Bruno, Stanley Fischer
The rate of inflation in Israel increased from 8 percent in 1965 to 300-400 percent in the first half of 1984. The inflationary process until 1977 was not qualitatively different from that in the...
Real Balances, the Exchange Rate and Indexation: Real Variables in Disinflation
The recent appreciation of the dollar is widely believed to have reduced the output costs of the disinflation. But there remains the question of whether those early gains have to be repaid when the...
Monetary Rules and Commodity Schemes Under Uncertainty
The paper sets out a simple monetary model anduses it to compare alternative monetary systems. Money may be either fiat or gold. Both gold supply and velocity are uncertain. Asset demands are derived...
Resolving the International Debt Crisis
Since August 1982 the international debt crisis has dominated economic policymaking in the developing countries, economic relations between the debtor and creditor countries, the attention of the...
Seigniorage, Operating Rules and the High Inflation Trap
Michael Bruno, Stanley Fischer
A given amount of seigniorage revenue can be collected at either a high or a low rate of inflation. Thus there ray be two equilibria when a government finances its deficit by printing money--implying...
Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86
Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and evaluated, with the aim of drawing lessons for monetary policy from the recent...
Recent Developments in Macroeocnomics
This paper surveys much of modern macroeconomics. The focus is on the core macroeconomic issue, of the reasons for macroeconomic fluctuations and sometimes persistent unemployment. To provide...
Russia and the Soviet Union Then and Now
The main focus of this paper is on the process and progress of economic reform in Russia. But I start with four historical questions that bear on the current situation. How advanced was Russia in...
1944, 1963 and 1985: Modiglianiesque Macro Models
In 1944 Franco Modigliani published a famous article summarizing the Keynesian model; in 1963 he extended the 1944 framework. This paper,written for a conference in honor of Modigliani, asks how the...
Contracts, Credibility, and Disinflation
Estimates of the cost of disinflation made before the recent reduction in the inflation rate varied widely. Estimates were made in terms of the sacrifice ratio -- the percentage points of GNP at an...
Should Nations Learn to Live With Inflation?
Stanley Fischer, Lawrence H. Summers
It is often argued that the most important costs of inflation can be substantially mitigated by indexing reforms. Yet governments in moderate inflation countries have generally been very reluctant to...
Stabilization and Growth in Transition Economies - The Early Experience
Economic growth , Transition economies , Former Soviet Union , Mongolia , Economic stabilization , Inflation ,
From Transition to Market - Evidence and Growth Prospects
Economic growth , Transition economies ,
How Far is Eastern Europe from Brussels?
Eastern Europe , European Community , Economic growth , Income ,
Modern Hyper- and High Inflations
Budget deficits , Inflation , Economic stabilization , Economic growth ,
Modern Hyper- and High Inflations
Stanley Fischer, Ratna Sahay, Carlos A. Vegh
Since 1947, hyperinflations in market economies have been rare. More common have been longer inflationary processes at rates above 100 percent per annum. This paper examines the main characteristics...
Exchange Rate Regimes: Is the Bipolar View Correct?
The bipolar or two-corner solution view of exchange rates is that intermediate policy regimes between hard pegs and floating are not sustainable. This paper argues that the proponents of the bipolar...
How independent should a central bank be?
The case for an independent central bank is becoming increasingly accepted. This new orthodoxy is based on three foundations: the success of the Bundesbank and the German economy over the past forty...
How independent should a central bank be?
Federal Reserve System - Independence ; Banks and banking, Central ; Econometric models ; Deutsche Bundesbank
Proposals and IMF actions to reduce the frequency of crises
International Monetary Fund ; Financial crises ; Foreign exchange ; Transparency
Economic development and the debt crisis
Since it was first recognized in August 1982, the international debt crisis has dominated economic policy making in the developing countries. The prolonged debt crisis of those highly indebted...
Issues in socialist economy reform
This paper examines issues involving the design and sequence of economic reform in formerly socialist economies that have made the political decision to move to a private market economy. They also...
Adjustment programs and Bank support : rationale and main results
Corbo, Vittorio, Fischer, Stanley
This paper reviews the rationale for programs and then evaluates the design, implementation, and effectiveness of Bank-supported adjustment programs anddiscusses lessons that have emerged from the...
Dornbusch, Rudiger, Fischer, Stanley
Inflation persists at moderate rates (15-30 percent) in all the countries that successfully reduced triple-digit inflation in the 1980s. Several other countries--for example, Colombia--have...
The new global economic geography
Equilibrium (Economics) ; Gross domestic product ; Asia ; China ; India
On the Need for an International Lender of Last Resort
Is there a useful function for an international lender of last resort (ILLR)--defined as crisis lender and crisis manager? Yes for international capital flows are excessively volatile and contagious,...
Stabilization and Growth in Transition Economies: The Early Experience.
Fischer, Stanley, Sahay, Ratna, Vegh, Carlos A
The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have...
Overview of the symposium, Changing Capital Markets: Implications for Monetary Policy
Stanley Fischer, Jacob A. Frenkel, Toyoo Gyohten, Hans Tietmeyer
Financial markets ; Banks and banking ; Monetary policy - United States ; Monetary policy - Germany ; European Economic Community ; Japan ; Germany ; Monetary policy
Why are central banks pursuing long-run price stability?
Banks and banking, Central ; Prices ; Inflation (Finance)
Why is financial stability a goal of public policy? (commentary)
Public policy ; Financial markets ; Mexico ; Thailand
Overview : new challenges for monetary policy
Monetary policy ; Inflation (Finance) ; Prices
Macroeconomic implications of the new economy : general discussion
Information technology
Economic policy for the information economy : general discussion : overview panel
Information technology ; Productivity
General discussion : the evolution of economic understanding and postwar stabilization policy
Economic stabilization ; Monetary policy ; Fiscal policy
General discussion : monetary policy in a changing economic environment
Monetary policy ; Fiscal policy
Monetary policy and uncertainty : adapting to a changing economy : overview panel
Inflation (Finance) ; Monetary policy ; Uncertainty
Easterly, William, Fischer, Stanley
Soviet growth from 1960 to 1989 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. There is some evidence that the burden of...
Is MENA a Region? The Scope for Regional Integration
Economic cooperation , Middle East , Africa ,
The Transition Economies After Ten Years
Transition economies , Economic growth ,
Africa - Is This the Turning Point?
Stanley Fischer, Ernesto Hernández-Catá, Mohsin S. Khan
Economic growth , Africa , Structural adjustment ,
Financial crises and reform of the international financial system
Financial crisis, reform of the international financial system, International Monetary Fund,
Stanley Fischer, Brian Snowdon
Stanley Fischer had a long and distinguished career as an academic economist at MIT, and was Vice President, Development Economics and Chief Economist at the World Bank, before becoming First Deputy...
The Economic of the Government Budget Constraint.
Fischer, Stanley, Easterly, William
This article summarizes the simple analytics of the macroeconomic effects of government budget deficits. The presentation is organized around three key relationships: the national income accounts...
REFLECTIONS ON ONE YEAR AT THE BANK OF ISRAEL
In this paper I reflect on my first year as Governor of the Bank of Israel, which I joined in May 2005. I start by describing the current state of the Israeli economy and monetary policy and economic...
Mundell-Fleming Lecture: Exchange Rate Systems, Surveillance, and Advice
This paper draws together some lessons and questions about exchange rate systems and attempts to state what is known and what is not known about them. It begins by revisiting the bipolar issue with...
Investing for the Short and the Long Term
If asset returns have different dynamics, then their short and long run risk characteristics differ. For instance, if returns on one asset follow a random walk, it is very risky to hold for the long...
A Framework for Monetary and Banking Analysis
The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking,...
Models of inflation and growth in the sixties emphasized the portfolio substitution mechanism by which higher inflation made capital more attractive to hold relative to money, leading to higher...
The paper opens with a description of the salient features of the Israeli economy. These consist of a large government sector(the government budget has absorbed more than 80% of GNP in some recent...
Serial Correlation of Asset Returns and Optimal Portfolios for the Long and Short Term
Stanley Fischer, George Pennacchi
Optimal portfolios differ according to the length of time they are held without being rebalanced. For the case in which asset returns are identically and independently distributed, it has been shown...
Stopping Hyperinflations Past and Present
Rudiger Dornbusch, Stanley Fischer
We examine four successful stabilizations from high inflation -- Germany in 1923,Austria in 1922, in Poland 1924-27, Italy 1947 --and the two ongoing attempted stabilization in Israel and Argentina,...
International Macroeconomic Policy Coordination
Increasing integration of the world economy, in both trade and capital markets, holds out the promise of mutual gains to countries from the coordination of their macroeconomic policy decisions. In...
The Open Economy: Implications for Monetary and Fiscal Policy
Rudiger Dornbusch, Stanley Fischer
The exchange rate has by 1984 become as central to United States economic policy discussions as it has long been in the rest of the world. In this paper we show how the standard closed-economy...
Rules Versus Discretion in Monetary Policy
This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the...
Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices...
Growth, Macroeconomics, and Development
The 1980s were both the lost decade of growth for much of Latin America and Africa, and the period in which -- through the new growth theory -- macroeconomists returned to the study of growth and...
Privatization in East European Transformation
Privatization of state assets is an essential step to the creation of a viable private sector in the formerly socialist economies of Eastern Europe and the Soviet Union. A standard approach to the...
Rudiger Dornbusch, Stanley Fischer
Inflation persists at moderate rates of 15-30 percent in all the countries that successfully reduced triple digit inflations in the 1980s. Several other countries, for example Colombia, have...
The Role of Macroeconomic Factors in Growth
Using a regression analog of growth accounting, I present cross- sectional and panel regressions showing that growth is negatively associated with inflation, large budget deficits, and distorted...
The Soviet Economic Decline: Historical and Republican Data
William Easterly, Stanley Fischer
Soviet growth over 1960-89 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. The declining Soviet growth rate over 1950-87 is...
Modern Approaches to Central Banking
Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for the independence of the central bank. The principal-agent approach directs...
The Transition Economies After Ten Years
While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the...
Modern Hyper- and High Inflations
Stanley Fischer, Ratna Sahay, Carlos A. Vegh
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....
Financial Crises and Reform of the International Financial System
Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme...
The Future of the IMF and World Bank: Panel Discussion
Stanley Fischer, Allan H. Meltzer, Jeffrey D. Sachs, Nicholas Stern
Indexing, Inflation, and Economic Policy
Mainstream macroeconomics is under attack, professionally and in the popular press, as rarely before. Stanley Fischer has brought together this collection of essays in support of the view that...
IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development
Stanley Fischer served as First Deputy Managing Director of the International Monetary Fund from 1994 to 2001. IMF Essays from a Time of Crisis collects sixteen essays written for the most part...
NBER Macroeconomics Annual 1993
Olivier Jean Blanchard, Stanley Fischer
This is the eighth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical...
NBER Macroeconomics Annual 1991
Olivier Jean Blanchard, Stanley Fischer
This is the sixth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical...
NBER Macroeconomics Annual 1990
Olivier Jean Blanchard, Stanley Fischer
This is the fifth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical...
NBER Macroeconomics Annual 1992
Olivier Blanchard, Stanley Fischer
This is the seventh in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical...
Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico
Michael Bruno, Guido Di Tella, Rudiger Dornbusch, Stanley Fischer
Rampant inflation is a major economic problem in many of the less developed countries; two out of three attempts to stabilize these economies fail. Inflation Stabilization provides a valuable...
The Economics of Middle East Peace: Views from the Region
Stanley Fischer, Dani Rodrik, Elias Tuma
This landmark collection of essays addresses the question: Given peace in the Middle East, then what? Focusing on the countries most immediately affected by the Arab-Israeli conflict, economists...
Olivier Jean Blanchard, Stanley Fischer
Lectures on Macroeconomics provides the first comprehensive description and evaluation of macroeconomic theory in many years. While the authors' perspective is broad, they clearly state their...
Capie,Forrest, Fischer,Stanley, Goodhart,Charles, Schnadt,Norbert
This volume contains two major papers prepared for the Bank of England’s Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an...
Capie,Forrest, Fischer,Stanley, Goodhart,Charles, Schnadt,Norbert
This volume contains two major papers prepared for the Bank of England’s Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an...