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The Cost of Disinflation Credibility and the Deceleration
Monetary Policy and Subduing Inflation Phillip Cagan
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adjustment American Enterprise Institute annual average balance behavior budget deficits business cycle capital cash changes collective bargaining agreements competition Compustat concessions consumer price index contracts countries cyclical decline developments disinflation disinflationary dollar dummy Economic effect equity exchange rate expected Federal Reserve Fellner figure financing firms floating foreign exchange market fourth quarter homeownership house prices households important income incomes policy industries inflation rate inflationary interest rates interventions investment Keynesian labor costs labor relations liabilities liquid assets long-term macroeconomic major collective bargaining manufacturing median ment monetary growth monetary policy money supply mortgage mortgage rate negotiated nominal demand nominal interest rates nonunion output peak percent period price increases price index problem profits purchasing power parity rate of inflation real rate real revaluations recent recession recovery reduced regression relative rise savings sector shift tion trade trends unemployment United variable velocity workers