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The Basic Argument
The OECD as a Whole
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aggregate demand average Britain budget deficit budgetary policy budgetary ratios change of mix cyclically adjusted evidence expansionary extent factors forms of government full employment Germany given level government current receipts groups of countries higher rate hold down inflation incomes policy indicators industrialised world inflation and unemployment inflation rates inflationary forms Italy Japan less inflationary mix level of unemployment macroecon macroeconomic instruments macroeconomic mix macroeconomic policy macroeconomic policy instruments major OECD countries major seven OECD measures mix hypothesis monetarist monetary aggregates monetary growth rates omic outlays to GDP output period policy mix price level rate of inflation ratio of government ratio to GDP real GDP real interest rates real wage real-wage gap receipts to GDP reduce inflation reduce the upward reduce unemployment relative rates resource allocation effects restrain inflation result rise in real seven OECD countries stagflation Statistics sub-divisions Table tax cuts total government outlays unem upward pressure