By A. J. Hagger (auth.)
ISBN-10: 0333212460
ISBN-13: 9780333212462
ISBN-10: 134915735X
ISBN-13: 9781349157358
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Additional info for Inflation: Theory and Policy
Example text
Then, in the initial situation, it will be the case that p is zero, that is to say, that the index of prices in the mark-up sector is constant. )t Suppose, further, that this initial state of rest is disturbed by a 'step' increase in tThis means of course that the 'relevant' Phillips curve referred to at an earlier point in this paragraph will be the curve corresponding to p* = o. Models of the Inflatioruzry Process in Developed Economies 33 the index of unit non-labour cost in the mark-up sector.
As will be clear from our preliminary discussion, this is a set of relationships which includes among the unknowns either the level of the chosen price index or its percentage rate of increase between successive years or quarters, and which determines the price variable and the other unknowns for each time period (year or quarter) once values have been allotted to the data. Since the value of the prices variable is determined for each period by the values allotted to the data for Models of the Inflationary Process in Developed Economies 23 the period, it is clear that the time path of the price variable is determined once the time paths of the data have been specified.
1 0), it is assumed that, given u, w will be higher the higher is pe. Thus, here, wage-earners are assumed to be guided by likely future price developments, when formulating wage claims, not by historical price development; it is, an increase in the expected rate of price increase which shifts the Phillips curve upwards, and not an increase in the actual rate of price increase. 10) is quite specific about the extent of the shift in the Phillips curve which results from a one-point increase in pe.
Inflation: Theory and Policy by A. J. Hagger (auth.)
by Daniel
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