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Inflation in the U_ S Economy
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accelerationist hypothesis adjustments argument average duration Bailey and Friedman Bank of Minneapolis benefit bond yield cash balance cost cash-balance cost constant cost of inflation demand for real discussion economy Edmund Phelps Edward Foster effect of inflation employers equilibrium interest rate estimate expected Federal Reserve Bank financing flation flight from cash Gronau higher rates holding cash Holt’s model hyperinflation impact of inflation Inﬂation investment Irving Fisher job seeker Keynes labor force labor market liquidity preference curve loss lower measure ment microeconomic Milton Friedman money supply nomic nominal nominal money opportunity cost output payments Phillips Phillips curve ployment price rise question rate of inflation rate of unemployment rate of wage real balances real cash balances real resources redistribution reduce relative prices reservation wage Section spend tion today’s unem unemployed vacancies variables wage changes wage increase wage inflation workers