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The Changing Assessments of Growth Prospects 19601976
The Lagged Relationship between Prices and Demand Pressures in the Previous Year
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acceleration adjustment assets balance boom budget capital cent central banks changes Chapter Chart commodity competing claims concerned consumer prices costs deficit demand management policies developing countries discussed disposable income domestic economic growth effect exchange rates expansionary exports fiscal drag fiscal policy full employment Germany impact important incomes policy indexation Indicators industrial inflation rates inflationary expectations interest rates international liquidity investment Italy Japan long-term major measures medium-term ment monetary aggregates monetary and fiscal monetary expansion monetary policy money supply Netherlands number of countries OECD area OECD countries oil price OPEC output overall period Phillips curve political potential price increases prices and incomes problems productivity profits programmes public expenditure public sector rates of inflation reasons recent recession relative prices requirements reserve rise shift short-term social stability structure Sweden target trade trend unemployment United Kingdom wage