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The Real Issues of Inflation and Unemployment speech by Arthur F Burns former
Tradeoff and Rigidities
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adjustment aggregate demand anticipated argue average Bank behavior business cycle capital cause commodities consumer price index contracts controls corporate cost cost-push theories countercyclical debt debtor depreciation dollar economists effects equation equity example excess demand Federal Reserve firms forecasting full employment gain higher household hypothesis impact income tax incomes policies inflation rate inflationary interest rates investment labor force labor market ment minimum wage mone monetarist monetary assets monetary growth monetary liabilities monetary policy money growth money supply monopoly power natural rate nominal nominal interest rates nonpoor output and employment percent period Phillips curve poor price changes price equation price expectations price increases price level production profits purchasing power rate of inflation rate of return rational expectations rational-expectations real assets real wage reduce result rise sector stability stagflation tax rate tion unanticipated inflation unem unemployment rate union variables wage and price wage increases wealth workers