Supply Versus Demand Approaches to the Problem of Stagflation
Title | Supply Versus Demand Approaches to the Problem of Stagflation PDF eBook |
Author | Michael Bruno |
Publisher | |
Pages | 65 |
Release | 1979 |
Genre | Inflation (Finance) and unemployment |
ISBN |
Supply Vs. Demand Approaches to the Problem of Stagflation
Title | Supply Vs. Demand Approaches to the Problem of Stagflation PDF eBook |
Author | Michael Bruno |
Publisher | |
Pages | 0 |
Release | 1979 |
Genre | |
ISBN |
We develop a model of aggregate supply and demand in the open economy to explain the important characteristics of international macroeconomic adjustment in the 1970s. Traditional demand-oriented models cannot account for the worldwide phenomenon of rising inflation and unemployment in the mid-70s, or for the failure of most industrialized economies to recover from the deep recession of 1974-75. When aggregate supply is carefully treated, it is found that much of the inflation and sluggish output performance may be attributed to the jump in the real costs of intermediate inputs and the failure of real wages to adjust downward after the input price shock. A simulation model shows that fuel inputs are sufficiently important in production that a large part of the worldwide recession may be attributed to the change in the relative price of oil, since 1973. In an empirical section, it is suggested that countries differ in their response to supply shocks and macro-policies because of differences in key structural relationships, particularly in wage determination.
Economic Policy and the Great Stagflation
Title | Economic Policy and the Great Stagflation PDF eBook |
Author | Alan S. Blinder |
Publisher | Elsevier |
Pages | 244 |
Release | 2013-09-11 |
Genre | Business & Economics |
ISBN | 1483264564 |
Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.
The Problem of Stagflation
Title | The Problem of Stagflation PDF eBook |
Author | Gottfried Haberler |
Publisher | AEI Studies |
Pages | 94 |
Release | 1985 |
Genre | Business & Economics |
ISBN |
Stagflation, the Penalty of Speculative Production in a Multistage Economy
Title | Stagflation, the Penalty of Speculative Production in a Multistage Economy PDF eBook |
Author | Eric David Bovet |
Publisher | Lexington, Mass. : Lexington Books |
Pages | 216 |
Release | 1983 |
Genre | Business & Economics |
ISBN |
Inflation and Unemployment
Title | Inflation and Unemployment PDF eBook |
Author | United States. Congressional Budget Office |
Publisher | |
Pages | 98 |
Release | 1975 |
Genre | Inflation (Finance) |
ISBN |
Reaganomics in the Stagflation Economy
Title | Reaganomics in the Stagflation Economy PDF eBook |
Author | University of the South. Economics Department |
Publisher | University of Pennsylvania Press Anniversary Collection |
Pages | 234 |
Release | 1983 |
Genre | Business & Economics |
ISBN |
Mostly papers presented during the Third Annual Sewanee Economics Symposium, Oct. 1-3, 1981; sponsored by the Economics Dept. of the University of the South at Sewanee in cooperation with Sidney Weintraub, visiting appointee to the Kennedy Distinguished Professorship in Economics.