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Do We Really Know that Oil Caused the Great Stagflation? A Monetary Alternative

Barsky, Robert B. - 2001

generated the stagflation of the 1970s as is often thought. There is neither a theoretical presumption that oil supply shocks … contractions can generate stagflation of realistic magnitude even in the absence of supply shocks. Furthermore, monetary … coincidence of major oil price increases and worsening stagflation …

Persistent link: https://www.econbiz.de/10012470331

A Monetary Explanation of the Great Stagflation of the 1970s

Barsky, Robert - 2000

The origins of stagflation and the possibility of its recurrence continue to be an important concern among policymakers … and in the popular press. It is common to associate the origins of the Great Stagflation of the 1970s with the two major … of the causal mechanism generating stagflation as is often thought. We provide a model that can explain the bulk of …

Persistent link: https://www.econbiz.de/10012471228

What Determines the Sacrifice Ratio?

Ball, Laurence - 1993

This paper investigates the determinants of the "sacrifice ratio" for disinflation: the ratio of the loss in output to the fall in trend inflation. I develop a method for estimating the sacrifice ratio in individual disinflation episodes, and apply it to 65 episodes in moderate-inflation OECD...

Persistent link: https://www.econbiz.de/10012474654

German and American Wage and Price Dynamics : Differences and Common Thenes

Franz, Wolfgang - 1993

The evolution of unemployment in West Germany and the U. S. stands in sharp contrast, with German unemployment much lower from 1960 to the early 19705 but substantially higher from 1984 to 1988. This paper provides a framework for examining the relationship between inflation and unemployment...

Persistent link: https://www.econbiz.de/10012474668

Real Wages, Monetary Accommodation, and Inflation

Helpman, Elhanan - 1989

We analyze the dynamics of inflation in an economy characterized by a forward-looking, staggered, price and wage determination process, and by monetary accommodation. In our model, inflation reconciles the conflicting claims of workers and firms. The model is capable of generating a positive...

Persistent link: https://www.econbiz.de/10012475897

Unemployment, Inflation, and Wages in the American Depression : Are There Lessons for Europe?

Bernanke, Ben - 1989

In this paper, we consider whether there are lessons to be drawn from the experience of the American economy during the 1930's for the current European situation. The comparison reveals some important differences: In particular, the persistence of American unemployment in the 1930's reflected to...

Persistent link: https://www.econbiz.de/10012476194

U.S. Inflation, Labor's Share, and the Natural Rate of Unemployment

Gordon, Robert J. - 1988

The Phillips curve was init-ally formulated as a relationship between the rate of change and unemployment, yet what matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of Phillips curves for both prices and wages extending...

Persistent link: https://www.econbiz.de/10012476483

Real Balances, the Exchange Rate and Indexation : Real Variables in Disinflation

Fischer, Stanley - 1984

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 exchange rate depreciates.The first question taken up is the effect of real exchange rate...

Persistent link: https://www.econbiz.de/10012477589

Stagflation and Productivity Decline in Canada, 1974-1982

Helliwell, John F. - 1983

The MACE model of Canada employs a nested production structure in which there is a vintage bundle of capital and energy that is combined with efficiency units of labour to define potential output for given quantities of employed factors. The actual level of output is derived from an estimated...

Persistent link: https://www.econbiz.de/10012477914

Macroeconomics of Stagflation under Flexible Exchange Rates

Kouri, Pentti J.K. - 1982

The concerns of macroeconomic policy in the industrial countries in recent years have shifted the focus of open-economy macroeconomics to new and interesting problems. Although no synthesis, or a fully coherent theory of policy, has yet emerged from this research, the results have already led to...

Persistent link: https://www.econbiz.de/10012478243