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In Step and Out of Step with the World Inflation
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accommodation adjustment aggregate demand aggregate supply analysis assets assume assumption Aviv University bank Barro behavior capital gains capital intensity coefficient constant consumption costs countries debt issue demand for money depreciation disinflation distortions domestic economy effect equation equilibrium estimates exogenous expected inflation expenditures Feldstein finance firm fiscal policy fixed exchange rate foreign Frenkel full indexing function government bonds implies increase individuals inflation rate inflationary interest rate investment Israel Keynesian lagged long-run Lucas macroeconomic monetarism monetary expansion monetary policy money supply neutral nominal nontraded OPEC optimal output paper parameters period Phillips curve price level public debt purchasing power parity rate of inflation rate of interest ratio rational expectations real balances real capital real income real wage reduced relative price rise saving rate Section sector shocks short-run stability stagflation supply shocks tax rate tax system taxation technique theory tion traded unanticipated unemployment variables