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A Picture of Inflation in Modern Economies
Prices Wages and Unemployment
Money Output and Inflation
4 other sections not shown
actual adjustment aggregate demand aggregate supply curve anti-inflation assume balance of payments Bruno and Sachs chapter consider currency deficits deflator demand curve demand for labour discussion domestic inflation effect equal equation 7.1 equilibrium example excess demand expected inflation expected price expenditure firms fixed exchange rate flexible exchange rates forecast GDP deflator higher incomes policy inflation and unemployment inflation rate inflationary process labour market level of unemployment long-run monetary expansion monetary growth money supply money wage nominal demand nominal GDP nominal interest rates non-traded OECD OECD countries oil prices open economy period Phillips curve price changes price expectations price increases price index price inflation price level productivity rate of inflation rational expectations real GDP real output real wage relationship relative price response result Section sector short-run aggregate supply supply shocks trade unions unanticipated United Kingdom wage determination wage increases wage inflation workers world inflation