Inflation, Unemployment and Hysteresis: An alternative view
AbstractThis 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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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Review of Political Economy.
Volume (Year): 13 (2001)
Issue (Month): 4 ()
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