Conflicting Claims as a
This paper tests a model based on the conflict approach to inflation, in which inflationary pressure stems from growth of real income claims exceeding growth of real income available. The hypothesis is that such excess claims growth induces an inflationary credit expansion which may be enhanced by accommodative monetary base growth. For estimation, a set of conflict variables proxies for the unobserved growth of ex ante real income claims by labor, capital, and government. Results for the U.S. economy suggest that inflation can be characterized in terms of the operation of such a conflict inflation process during the 1956-85 period. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 57 (1989)
Issue (Month): 3 (September)
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