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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

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

Imported Inflation 1973-74 and the Accommodation Issue

Cagan, Phillip - 1978

The purpose of the present study is to measure the amount of price increase that the proposals for accommodation required in 1973-74. Presumably such an estimate of the amount could be made in time to act on it. Whether accommodation is a desirable policy is not addressed here. Consistently...

Persistent link: https://www.econbiz.de/10012478889

The Supply-Shock Explanation of the Great Stagflation Revisited

Blinder, Alan S. - 2008

U.S. inflation data exhibit two notable spikes into the double-digit range in 1973-1974 and again in 1978-1980. The well-known "supply-shock" explanation attributes both spikes to large food and energy shocks plus, in the case of 1973-1974, the removal of price controls. Yet critics of this...

Persistent link: https://www.econbiz.de/10012464085

Oil and the Macroeconomy Since the 1970s

Barsky, Robert - 2004

none of the more recent oil price shocks has been associated with stagflation in the US economy, a major reason for the … stagflation of the 1970s. We show that this is not the case …

Persistent link: https://www.econbiz.de/10012467834

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

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