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adjustment costs aggregate demand American Economic Review analysis anticipated inflation assets assumed business cycle capital coefficient currency substitution curve cyclical demand shock disinflation disturbance effects empirical employment entrepreneurs entrepreneurship equation equilibrium exchange rate exogenous expected figure fiscal fluctuations foreign Gahlen Germany Gordon growth rate impact increase industrial countries inflation rate inflationary innovative entrepreneurship investment Journal Keynesian labour lags long wave macroeconomic marginal costs McKinnon rule monetarism monetarist monetary policy money demand money supply NAIRU nominal income nominal interest rate nominal wage rate output paper percent period Phillips curve price adjustment price level price stickiness price variability problem production profits rate of interest ratio real interest rate real money real wage rate relative price Rostow Schumpeter Schumpeterian sector shift short run small firms stability stagflation stagnation structural supply shock technological flexibility theory tion trade cycle trend welfare loss world economy