Cover: Economics of Worldwide Stagflation, from Harvard University PressCover: Economics of Worldwide Stagflation in E-DITION

Economics of Worldwide Stagflation

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Product Details


$65.00 • £54.95 • €60.00

ISBN 9780674493049

Publication Date: 02/08/1985

315 pages

64 tables, 29 line illustrations


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  • Introduction
    • The critique of demand management policies
    • Adding aggregate supply to the macroeconomic model
    • A look at supply and demand factors in the stagflationary era
    • Related studies
    • Plan of the book
  • Elements of a Theory
    • Factor prices and production response
    • Savings, investment, and international capital flows
    • Supply shocks and demand management
    • Real wage gaps and the characterization of unemployment trade-offs
    • Policy coordination among countries
  • Production, Technology, and the Factor Price Frontier
    • The production function
    • The factor price frontier
    • Material inputs and the analogy of productivity change
    • The FPF in the three-factor case
    • Change in terms of trade and demand rationing
    • Appendix 2A: Empirical factor-price profiles in manufacturing
    • Appendix 2B: Product measurement
  • Factor Adjustment to Supply Price Shocks
    • Analysis in terms of the factor price frontier
    • Changes in labor demand and output supply
    • Analysis in terms of the two-level CES function
    • Some simple dynamics
    • Appendix 3A: General derivation of input demand and output supply functions
  • Savings, Investment, and Capital Flows
    • Production, investment, and the balance of payments
    • Firm behavior
    • Household consumption and savings behavior
    • Temporary and permanent input price shocks
    • Welfare analysis
    • Wages, prices, and monetary policy
    • Determination of the real interest rate in a multicountry world
    • The differential response of ICs and MICs
  • Stagflation and Short-Run Adjustment
    • The commodity market
    • The labor market
    • General equilibrium
    • Appendix 5A: The detailed model
  • Macroeconomic Adjustment and Policy Coordination in a Global Setting
    • A “world” model with one N-importing region
    • A world model with two oil-importing economies
    • The role for policy coordination after a supply shock
    • Conclusions
    • Appendix 6A: The detailed models
  • Simulation Models
    • The semitradable model in an infinite horizon
    • The one-country disequilibrium model
    • Appendix 7A: Notation used in this chapter
  • Empirical Overview of Stagflation in the OECD
    • Supply and demand factors in the stagflation
    • Sorting out the roles of supply and demand variables
    • Summary and conclusions
  • Real Wages and Unemployment
    • Measurement of the wage gap
    • The wage gap and unemployment
    • The dynamics of the wage gap
    • Some theoretical explanations of slow wage adjustment
  • Price and Output Dynamics in Eight Economies
    • Inflation equations for the 1970s
    • Unemployment equations for the 1970s
    • Conclusions
  • Labor Markets and Comparative Macroeconomic Performance
    • Measuring macroeconomic performance
    • An international comparison of wage-setting institutions
    • Conclusions
    • Appendix 11A: Wage-setting institutions for twelve countries
  • Supply Shocks, Demand Response, and the Productivity Puzzle
    • Input substitution, demand, and the productivity slowdown
    • Value-added measures of productivity growth and resource utilization
    • Explaining the links of unemployment and trend productivity growth
    • Comparing OECD and the MICs
  • Lessons for Theory and Policy
  • Notes
  • Bibliography
  • Index

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