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Based on economic events and policies in the UK and USA, this text argues against the New Right claim that inflation causes unemployment. The effects of unemployment on unemployed people are investigated and the impact of inflation on the distribution of income and wealth are assessed.
The Inflation-Unemployment Trade-off at Low Inflation by Pierpaolo Benigno,Mr.Luca Antonio Ricci Pdf
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic volatility shifts the Phillips curve outward, implying that stabilization policies can play an important role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment and that of wage inflation.
Inflation, Deflation, and Unemployment by LAURA. LORIA Pdf
The Economy can be an intimidating subject for some readers. They might feel that it's too complicated to understand, or that it's just for adults. This illuminating volume explains facets of the economy and how they are measured in plain language. It offers age-appropriate, real-life illustrations of the concepts to help middle-school readers relate on a personal level. Historical and current examples are cited throughout the text, which support curricular standards outlined in the C3 Framework for Social Studies State Standards.
Inflation and Unemployment by Victor E. Argy,John Nevile Pdf
Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.
Author : Robert M. Solow,John B. Taylor Publisher : MIT Press Page : 140 pages File Size : 52,6 Mb Release : 1998 Category : Business & Economics ISBN : 0262692228
Inflation, Unemployment, and Monetary Policy by Robert M. Solow,John B. Taylor Pdf
Edited and with an introduction by Benjamin M. Friedman The connection between price inflation and real economic activity has been a focus of macroeconomic research--and debate--for much of the past century. Although this connection is crucial to our understanding of what monetary policy can and cannot accomplish, opinions about its basic properties have swung widely over the years. Today, virtually everyone studying monetary policy acknowledges that, contrary to what many modern macroeconomic models suggest, central bank actions often affect both inflation and measures of real economic activity, such as output, unemployment, and incomes. But the nature and magnitude of these effects are not yet understood. In this volume, Robert M. Solow and John B. Taylor present their views on the dilemmas facing U.S. monetary policymakers. The discussants are Benjamin M. Friedman, James K. Galbraith, N. Gregory Mankiw, and William Poole. The aim of this lively exchange of views is to make both an intellectual contribution to macroeconmics and a practical contribution to the solution of a public policy question of central importance.
Inflation Policy and Unemployment Theory by Edmund S. Phelps Pdf
Monograph on economic theory and economic policies relevant to unemployment and inflation, proposing a cost benefit analysis approach to optimal monetary policy for the USA - includes economic models. References and statistical tables.
Explaining the Recent Behavior of Inflation and Unemployment in the United States by Mr.Vincent Hogan Pdf
Low rates of inflation have been recorded in recent years, despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in the structure of the economy leading to a lower NAIRU. The paper suggests that, while the NAIRU may have fallen slightly, it has not fallen by an amount sufficient to explain the recent behavior of inflation. A leading explanation for recent inflation performance appears to be favorable price shocks; in particular, the cost of imports has fallen sharply as the dollar has appreciated.
Inflation, Unemployment and Money by Bruno Jossa,Marco Musella Pdf
This comprehensive book presents an original reconstruction of the different interpretations of the Phillips curve. The authors demonstrate through an in-depth analysis how it is possible to find non-neoclassical foundations in the trade-off between inflation and unemployment. The debate is presented from a historical perspective which charts the evolution of the Phillips curve from a non-neoclassical perspective, taking account of post Keynesian literature. In the first part of the book the authors focus on the origins of the Phillips curve and they critically analyse Richard Lipsey's interpretation and approach to the Phillips curve. They then explore the neoclassical and monetarist interpretation, paying special attention to the evolution of monetarism and the Keynesian critique of this approach. The Kaleckian, Keynesian and Marxist interpretations of the Phillips trade-off are then presented. Here the authors show how the relationship between inflation, unemployment and money described in these approaches accurately reflects the fundamental features of today's capitalist economies. In the final section a new Phillips curve is constructed, taking into account the non-accelerating inflation rate of unemployment and the hysteresis of it. Inflation, Unemployment and Money will be of interest to macroeconomists, post Keynesians and monetary and financial economists.
Originally published in 1979, this reader presents an industrialist view of the labour market and economics as they stood at the time in the United States. The essays collated aim to answer macroeconomic questions on this topic as well as exploring issues related closely to employment and inflation. This title will be of interest to students of business and economics.
Employment without Inflation by Benjamin Higgins Pdf
The world economy has undergone a fundamental transformation in recent decades and theoretical structures inherited from the 1930s through the 1950s, while retaining large elements of truth, are inadequate to deal with current problems. Benjamin Higgins feels that for a society such as the United States a fiscal policy needs to be adopted that can deal simultaneously with existing unemployment and inflation. He suggests three possible governmental policies: stimulating a high rate of long-run growth, by use of reward innovations and by maintaining the highest possible level of scientific and technical activity; isolating regions that are generators of inflation and others that are pools for unemployment; and establishing a system of direct controls similar to those used in wartime. Higgins describes the transformation of the cogent prewar business cycle, with its alternations of inflation or unemployment, then a transitional period of underemployment equilibrium and secular stagnation, and finally, the strange new world of today, one with economic fluctuations in the form of shifting trade-off curves and loops. He then applies his new paradigm to current problems, showing why they cannot be managed through macroeconomic monetary and fiscal policy. Higgins offers case studies of efforts to fight inflation and unemployment, and to reduce regional gaps, to show their strengths and weaknesses. It can be said that unemployment always results from too many people chasing too few jobs, and inflation is always caused by too much money chasing too few goods and services. Beyond such banal generalizations, Higgins maintains there is no single cause for either unemployment or inflation, and thus no single cure can be prescribed for either, let alone for both at once. Nor is it to be expected that the appropriate cure will prove to be the same in all countries at all times. He suggests that an optimal blend of monetary and fiscal policy that will produce the "minimum discomfort" is a good start. Employment Without Inflation will be of direct policy interest to economists, sociologists, and national planners.
Author : Robert James Gordon Publisher : Cambridge University Press Page : 520 pages File Size : 55,9 Mb Release : 2004 Category : Business & Economics ISBN : 052153142X
Author : Thomas Wilson Publisher : Oxford University Press, USA Page : 296 pages File Size : 43,7 Mb Release : 1984 Category : Business & Economics ISBN : UOM:39015005591873
The Unemployment-inflation Dilemma by Charles C. Holt Pdf
Economic research report on the limitations of present government policies for the elimination of unemployment and inflation in the USA - covers economic theories on the dynamics of prices and wages, economic implications of employment policy for the maintenance of full employment, the efficiency of monetary policy and fiscal policy formulation, social implications of labour force training programmes, etc. Bibliography pp. 103 to 107.