{"product_id":"9783031954405","title":"The Human Nature of Inflation The Role of Defensive Expectations","description":"\u003ch1\u003eThe Human Nature of Inflation\u003c\/h1\u003e\u003ch2\u003eThe Role of Defensive Expectations\u003c\/h2\u003e\u003ch3\u003eLiviu Voinea\u003c\/h3\u003e\u003cdiv\u003e\u003cb\u003ePolitical Science \/ Political Economy\u003c\/b\u003e\u003c\/div\u003e\u003cbr\u003e\u003cdiv\u003e\n\u003cp class=\"MsoNormal\"\u003e\u003cspan lang=\"EN-GB\" style=\"font-size: 11.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; color: #1f3864; mso-themecolor: accent1; mso-themeshade: 128; mso-ansi-language: EN-GB;\"\u003eThis book develops the concept of defensive expectations in relation to inflation. It examines how \u003c\/span\u003eafter an income loss, people save more to make up for that loss – these are compensatory savings, in excess of precautionary savings and indifferent to interest rate cuts. Inflation stays low until households fully recover their loss and it increases afterwards. People think of their loss in terms of stock, which is calculated by the cumulative wage gap – a better measure of slack than the output gap or the unemployment gap. A revised Phillips Curve shows resemblances to the loss-gain function.\u003c\/p\u003e\r\n\u003cp class=\"MsoNormal\"\u003e\u003cspan style=\"mso-bookmark: _Hlk196638472;\"\u003eThis book contributes to a better understanding of different inflation dynamics, including the periods of low inflation and the sharp increases after the COVID-19 pandemic. It is relevant to policymakers and researchers, as well as more general readers interested in an alternative explanation of inflation, savings and consumption behavior during and after recessions. \u003c\/span\u003e\u003c\/p\u003e\n\u003c\/div\u003e\u003cdiv\u003e\u003cp class=\"MsoNormal\"\u003e\u003cstrong\u003e\u003cspan style=\"font-size: 11.0pt; font-family: 'Calibri',sans-serif; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; color: #1f3864; mso-themecolor: accent1; mso-themeshade: 128;\"\u003eLiviu Voinea\u003c\/span\u003e\u003c\/strong\u003e\u003cspan style=\"font-size: 11.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; color: #1f3864; mso-themecolor: accent1; mso-themeshade: 128;\"\u003e is a Professor at the Bucharest University of Economic Studies and Alternate Executive Director at the World Bank. He was previously Deputy Governor of the National Bank of Romania.\u003c\/span\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cbr\u003e\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003ePublication Date: \u003c\/td\u003e\n\u003ctd\u003e12 October 2026\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePublisher: \u003c\/td\u003e\n\u003ctd\u003eSpringer Nature Switzerland\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImprint: \u003c\/td\u003e\n\u003ctd\u003ePalgrave Macmillan\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eISBN-13: \u003c\/td\u003e\n\u003ctd\u003e9783031954405\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFormat: \u003c\/td\u003e\n\u003ctd\u003eHardback\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e","brand":"Springer Nature Switzerland","offers":[{"title":"Default Title","offer_id":45228507136140,"sku":"9783031954405","price":40.49,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9783031954405.jpg?v=1781087418","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9783031954405","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}