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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 demand for labour devaluation domestic dummy variables Durbin-Watson statistic error error-learning model estimated excess demand exchange-rate expectational variables expected rate explanation extrapolative models factors firms first-order fiscal five per cent fixed exchange rate forecast growth Hines 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 question rate of change rate of inflation ratio real wage retail price index sample statistic studies survey tion trade-off trend union United Kingdom voluntary price restraint wage and price wage change wage determination wage equation wage inflation