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INTRODUCTION William Fellner
LESSONS OF THE SIXTIES
MONETARY POLICY Phillip Cagan
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3.2 percent acceleration administration aggregate demand annual rate Annual Report Arthur Okun average billion budget changes collective bargaining Committee compensation per man-hour consumer price consumer price index controls Council of Economic countercyclical decline defense deficit deposits discretionary fiscal policy economic activity Economic Advisers Economic Report economists effect estimated excess expansion expected Federal Reserve first-year wage adjustment fiscal policy forecasts fourth quarter full employment guideposts Herbert Stein impact incomes policy industry inflation inflationary pressures interest rates investment ment monetary growth monetary policy monetary restraint money supply noninflationary Okun period Phillips curve political President price increases price stability rate of increase rate of inflation recovery reduce result rise rose seasonally adjusted second half sector settlements slowdown steel stimulate tax cut tax surcharge tion trend unem unemployment rate union unit labor costs wage and price wage increases wage rates wage-price wholesale price index