IDEAS home Printed from https://ideas.repec.org/h/spr/advchp/978-4-431-55807-1_2.html
   My bibliography  Save this book chapter

Unemployment and Inflation: The Natural Wage Rate Hypothesis

In: Macroeconomics, Trade, and Social Welfare

Author

Listed:
  • Michihiro Ohyama

    (Keio University)

Abstract

We have witnessed at least two distinct types of economic depression in the current century, aptly named “stagnation” and “stagflation,” respectively. Stagnation refers to the situation in which the general price level (or the rate of inflation) declines together with the quantitative indices of aggregate economic activities such as output and employment. Needless to say, a most important example of stagnation is the Great Depression, which began in 1929 and extended into the 1930s. In contrast, an economy is said to suffer from stagflation when the general price level (or the rate of inflation) rises in the face of falling output and employment. This form of depression was observed most typically in industrialized countries from the late 1960s and through the 1970s when they were exposed to wage explosions, oil price hikes, and other cost-increasing pressures.

Suggested Citation

  • Michihiro Ohyama, 2016. "Unemployment and Inflation: The Natural Wage Rate Hypothesis," Advances in Japanese Business and Economics, in: Macroeconomics, Trade, and Social Welfare, chapter 0, pages 21-38, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-55807-1_2
    DOI: 10.1007/978-4-431-55807-1_2
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:advchp:978-4-431-55807-1_2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.