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After Disinflation Then What?
Confusion in Economic Theory and Policy
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accelerating inflation adjustment aggregate demand argued balance-of-payments Bank behaviour boom Canada capital cent constraint cost-push costs countries decline deficit demand policies devaluation disinflation economic economists effects equilibrium exchange rate exchange-rate expansion expectations expenditure exports financial assets fiscal policy full employ full employment high unemployment imbalances impact important income flow incomes policy industrial inflation rates inflationary bias interest rates Keynes Keynesian labour economics labour market long-run macroeconomic ment monetarism monetarist monetary policy money supply money wages NAIRU OECD OPEC period Phillips curve political post-war price inflation problem productivity rate of growth rate of unemployment rates of inflation real wages recession recovery relative restrictive policies result rise sector shocks stability stagflation stagnation Sweden Swedish target theory tion Tobin unemploy unemployment rates United United States dollar wage and price wage increases wage inflation wage settlements wage-wage workers