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accelerating actual inflation actual rate adaptive expectations adjusted aggregate aggregate demand analysis bargaining behaviour capacity utilisation chapter coefficient constant Continuing effect controls demand for labour devaluation distributed lag domestic dummy variables error error-learning model estimated excess demand exchange-rate expectational variables expected inflation rate expected rate explanation factors firms fiscal five per cent fixed exchange rate forecast growth hypothesis Impact effect important incomes policy inflation expectations inflation rate inflationary influence insignificantly different July labour market Laidler level of capacity measure monetarist monetary policy money wages natural rate natural unemployment rate non-economic open economy output prices percentage period Phillips curve predicted price change price equation proxy publicised wage question rate of change rate of inflation ratio real wage retail price index sample statistic studies survey tion trade-off trend union United Kingdom wage and price wage change wage determination wage equation wage inflation