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Inflation, Unemployment and Hysteresis: An alternative view

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  • Antonella Stirati

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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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 13 (2001)
Issue (Month): 4 ()
Pages: 427-451

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Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:427-451

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  9. Leon Podkaminer, 1998. "Inflationary Effects of High Nominal Interest Rates," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 20(4), pages 583-596, July.
  10. Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S121-69, Supplemen.
  11. Solow, Robert M, 1980. "On Theories of Unemployment," American Economic Review, American Economic Association, vol. 70(1), pages 1-11, March.
  12. 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.
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  15. Anyadike-Danes, Michael & Godley, Wynne, 1989. "Real Wages and Employment: A Sceptical View of Some Recent Empirical Work," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(2), pages 172-87, June.
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Cited by:
  1. Aldo Barba, 2006. "Viability of Pay-As-You-Go pension systems: a demand side perspective," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 413-425.
  2. Antonella Palumbo, 2008. "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.
  3. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
  4. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 179-206.

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