, this paper also asks whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits …. We find that an acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one …A basic tenet of economic science is that productivity growth is the source of growth in real income per capita. But …

matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of … result in the paper is that wage changes do not contribute statistically to the explanation of inflation. Deviations in the … growth of labor cost from the path of inflation cause changes in labor's income share, and changes in the profit share in the …

, all without any evidence of extra inflation. The results in this paper turn the conventional wisdom on its head. While the … over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the … nominal exchange rate depreciation passed through into higher import prices, and extra inflation would have been even more …

dollar, and the aggregate productivity slowdown: and inertia that makes the inflation rate depend partly on its own lagged … explanation of rapid inflation in 1974 is the same as that in 1979-80: the shortfall of productivity growth below its ever … depreciation of the dollar, the productivity slow- down, and payroll tax increases all help to explain why the inflation rate …

The most important conclusion of this paper is that the growth rate of the money supply influences the U.S. inflation …, help to explain why U.S. inflation was so low in 1976 and why it accelerated so rapidly in 1978. Granger causality tests … indicate that lagged exchange rate changes influence inflation, but lagged inflation does not cause exchange rate changes. A …

comparisons of productivity growth across decades and among nations. This paper serves a dual purpose of reviewing compactly the … affect international comparisons of inflation and output growth. The traditional problem of substitution bias in the Consumer … measurement methods tend to overstate the recent productivity performance of U.S. relative to European manufacturing, with an …

This paper presents a single reduced-form inflation equation that can explain both the variance and acceleration of … inflation during the 1970s.Inflation is explained by four sets of factors. Aggregate demand enters through the lagged output … ratio and the growth rate of nominal GNP. The adjustment of inflation to changes in aggregate demand is limited by the role …