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The Resource Inflation and the structure of aggregate output : theoretical, empirical & policy issues, Abraham E. Nwankwo

Inflation and the structure of aggregate output : theoretical, empirical & policy issues, Abraham E. Nwankwo

Label
Inflation and the structure of aggregate output : theoretical, empirical & policy issues
Title
Inflation and the structure of aggregate output
Title remainder
theoretical, empirical & policy issues
Statement of responsibility
Abraham E. Nwankwo
Creator
Subject
Language
eng
Summary
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.--
Assigning source
Provided by Publisher
Cataloging source
EQO
http://library.link/vocab/creatorName
Nwankwo, Abraham E
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Inflation (Finance)
  • Gross domestic product
  • Economics
Label
Inflation and the structure of aggregate output : theoretical, empirical & policy issues, Abraham E. Nwankwo
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
on1007842980
Dimensions
24 cm
Extent
xi, 264 pages
Isbn
9781909112759
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)1007842980
Label
Inflation and the structure of aggregate output : theoretical, empirical & policy issues, Abraham E. Nwankwo
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
on1007842980
Dimensions
24 cm
Extent
xi, 264 pages
Isbn
9781909112759
Media category
unmediated
Media MARC source
rdamedia
Media type code
  • n
System control number
(OCoLC)1007842980

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