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19th century aggregate demand American Geographical Society ASPECTS OF INFLATIONARY Austrian School CAGAN capital structure central banks changes consumer cost countries course currency area deﬂation Department of Economics depression devaluation dollar domestic economists Euro-dollars Europe expansion exports F.A. Hayek falling price final demand fixed exchange rates ﬂow ﬂuctuations foreign inﬂuences fractional reserve banking GEOGRAPHICAL ASPECTS gold standard Hayek higher incomes policy inﬂa inﬂationary effects INFLATIONARY PROCESSES input-output model inputs intemational interest rates international monetary investment Keynesian Kravis money supply MUNDELL MURRAY SABRIN optimum currency area output pattern percent period price level problem production stages Professor of Economics purchasing power parity rate of inﬂation raw materials real cash balances recession reﬂect relative Research reserve ROMANOFF second stage silver spatial stable price stage industry stages of production structure of production symposium theory tion unemployment United wage rates world inﬂation world money worldwide inﬂation York