-economy macroeconomics to new and interesting problems. Although no synthesis, or a fully coherent theory of policy, has yet emerged from …

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 …

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 …