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Models of the Inflationary Process in Developed Economies
Tests of Inflation Models
Empirical Studies of the Price Equation
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aggregate aggregate demand anti-inflation policy average cent per annum ceteris paribus chapter coefficient denotes determined developed countries discussion dummy dummy variable economy effect estimated example excess demand expectational model expected inflation rate expected rate f-ratio Figure firms function given guidelines hence hyperinflation incomes policy increase of money independent variables index of unit industry inflationary process intercept long-run curve long-run inflation-unemployment curve macro wage equation mark-up sector Microeconomics monetarists money wage rates negative nominal money output percentage increase percentage rate period Phillips curve positive price equation price increase price index price level prices and incomes proposals quarter rate of change rate of increase rate of inflation reduce relationship rise shift short-run steady inflation rate steady unemployment rate structuralists unit cost unit labour cost unit non-labour cost United Kingdom unity upward movement Vanderkamp wage increases wage-earnings zero