Interest Rates and Inflation: Hearing Before the Subcommittee on Economic Stabilization of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-sixth Congress, Second Session ... February 1, 1980

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Page 7 - The views expressed are my own and do not necessarily reflect those of Brookings staff members or the officers and trustees of the Brookings Institution.
Page 8 - the economy as other participants accelerate their own wage and price increases in an effort to catch up. The result is an upward ratcheting of the underlying
Page 1 - The year 1979 saw the administration move from an expansionary monetary policy to a restrictive one. As the economy moved along at a slow growth rate of 2.3 percent, the avoidance of a long predicted recession continued to confound the experts. Alarmingly, inflation
Page 13 - and a continuation of slow demand growth are not easy measures to sell even on a temporary basis. Yet, it may be that government today can address its problems only within such a
Page 8 - of the underlying inflation rate in the industrial sector and a carryover of inflation into future periods.
Page 8 - surge of inflation that originates with sharp price increases in a few markets rapidly spreads
Page 8 - individual markets can have a dramatic direct effect on the average inflation rate. But
Page 55 - The CPI does this because it was designed to be a statistical measure of the changes in the prices of goods and services purchased by urban consumers. It was not intended to be used as an absolute measure of changes in the cost of living. Nevertheless it has become the measure most utilized in defining inflation as experienced by consumers. Changes in the incomes of over 46 million Americans are tied to the cost of living index directly through bargaining agreements and congressionally mandated adjustments...

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