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Inflation, Unemployment and Hysteresis: an alternative view

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Antonella Stirati

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Abstract

This paper integrates ideas concerning the influence of the interest rate on the rate of profits with an analysis of inflation and its relation with unemployment. Inflation is regarded, as in Kaleckian contributions, as resulting from inconsistent claims on income, but the approach taken leads to different conclusions concerning the effects of inflation (or deflation) on income distribution, and the circumstances giving rise to acceleration of inflation. The approach followed in the paper also provides explanations of phenomena that have appeared 'puzzling', particularly the association of different unemployment rates with stable inflation, and the persistence of high rates of unemployment.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Review of Political Economy.

Volume (Year): 13 (2001)
Issue (Month): 4 (October)
Pages: 427-451
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Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:427-451

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S121-69, Supplemen. [Downloadable!] (restricted)
  2. Stirati, Antonella, 1992. "Unemployment, Institutions and the Living Standard in the Classical Theory of Wages," Contributions to Political Economy, Oxford University Press, vol. 11(0), pages 41-66.
  3. Blanchard, Olivier J, 1986. "The Wage Price Spiral," The Quarterly Journal of Economics, MIT Press, vol. 101(3), pages 543-65, August. [Downloadable!] (restricted)
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  4. McCallum, John, 1983. "Inflation and Social Consensus in the Seventies," Economic Journal, Royal Economic Society, vol. 93(372), pages 784-805, December. [Downloadable!] (restricted)
  5. David G. Blanchflower & Andrew J. Oswald, 1990. "The Wage Curve," NBER Working Papers 3181, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Boyer, Robert, 1979. "Wage Formation in Historical Perspective: The French Experience," Cambridge Journal of Economics, Oxford University Press, vol. 3(2), pages 99-118, June.
  7. Korpi, Walter, 1996. "Eurosclerosis and the Sclerosis of Objectivity: On the Role of Values among Economic Policy Experts," Economic Journal, Royal Economic Society, vol. 106(439), pages 1727-46, November. [Downloadable!] (restricted)
  8. Beckerman, Wilfred & Jenkinson, Tim, 1986. "What Stopped the Inflation? Unemployment of Commodity Prices?," Economic Journal, Royal Economic Society, vol. 96(381), pages 39-54, March. [Downloadable!] (restricted)
  9. Solow, Robert M, 1980. "On Theories of Unemployment," American Economic Review, American Economic Association, vol. 70(1), pages 1-11, March.
  10. Harcourt, G C & Kenyon, Peter, 1976. "Pricing and the Investment Decision," Kyklos, Blackwell Publishing, vol. 29(3), pages 449-77.
  11. Rowthorn, Robert, 1995. "Capital Formation and Unemployment," Oxford Review of Economic Policy, Oxford University Press, vol. 11(1), pages 26-39, Spring.
  12. Eichner, Alfred S, 1973. "A Theory of the Determination of the Mark-up Under Oligopoly," Economic Journal, Royal Economic Society, vol. 83(332), pages 1184-1200, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Aldo Barba, 2006. "Viability of Pay-As-You-Go pension systems: a demand side perspective," Review of Political Economy, Taylor and Francis Journals, vol. 18(3), pages 413-425, July. [Downloadable!] (restricted)
  2. Antonella Palumbo, . "I Metodi Di Stima Del Pil Potenziale Tra Fondamenti Di Teoria Economica E Contenuto Empirico," Departmental Working Papers of Economics - University 'Roma Tre' 0092, Department of Economics - University Roma Tre. [Downloadable!]
  3. Sergio Cesaratto, 2002. "The Economics of Pensions: a non-conventional approach," Review of Political Economy, Taylor and Francis Journals, vol. 14(2), pages 149-177, April. [Downloadable!] (restricted)
  4. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor and Francis Journals, vol. 16(2), pages 179-206, April. [Downloadable!] (restricted)
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