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In Step and Out of Step with the World Inflation
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adjustment aggregate demand aggregate supply analysis asset assumed assumption balance of payments behavior capital gains capital intensity coefficients constant consumption costs debt issue demand for money depreciation determined disturbances domestic prices economy effect elasticity equation equilibrium exogenous expenditure Feldstein finance firm first-period fiscal policy fixed exchange rate flexible exchange rates foreign exchange foreign exchange market Frenkel function implies increase individuals inflation rate inflationary interest rate investment Israel labor intensive technique lagged long-run Lucas macroeconomic marginal monetary approach monetary expansion money growth money supply nominal nominal money OPEC optimal output paper parameters period Phillips curve price level production public debt purchasing power parity rate of inflation rate of interest ratio rational expectations real balances real income reduce regression relative price rise sample second-period Section sector shocks short run stability Table taxation Tel Aviv University theory tion tradables traded unanticipated unemployment variables zero