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 …

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 …

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 …

In addition to its micro analysis, this paper also asks whether faster productivity growth reduces inflation, raises … the inflation rate by at least one-for-one in the opposite direction. This paper revives research on wage adjustment and …

ideas. The coroner's evidence consists of the small standard deviation of the core inflation rate in the past two decades … despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … predict ever greater amounts of negative inflation (i.e., deflation) over the years of labor-market slack since 2008 …

. The widespread acceptance of monetarism owes much to the coincidence in 1968 of an unexpected acceleration in inflation … behavior of inflation from 1954 on helped win ready acceptance for the idea of a stable Phillips-curve tradeoff, while the … refusal of inflation to abate in 1970 helped solidify the victory of the natural hypothesis. A major theme of the paper is the …