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Disinflation by Nonaccommodation
Some Observations on the Inflationary Process
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accommodation adjustment aggregate demand aggregate supply analysis assets assumed assumption balance of payments bank behavior bonds capital gains capital intensity coefficients commodity constant consumption cost countries debt issue deficit demand for money depreciation devaluation disinflation economy effect equation equilibrium estimates exogenous expected inflation expenditures finance firm first-period fiscal policy fixed exchange rate flexible exchange rate Frenkel function implies increase inflation rate inflationary interest rate investment Israel Keynesian lagged long-run Lucas macroeconomic MAP credit monetarism monetary approach monetary policy money growth money supply nontraded OPEC optimal output paper parameters period Phillips curve predicted price changes price level production purchasing power parity rate of inflation rate of interest rational expectations real balances real income real wage reduce regression relative price sample Section sector short-run stability stagflation statistical supply shocks Table taxation theory tion tradables traded U.S. dollar unanticipated unemployment variables variance zero