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Imported Inflation, 1973-74 and the Accommodation Issue

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  • Cagan, Phillip

Abstract

The purpose of the present study is to measure the amount of price increase that the proposals for accommodation required in 1973-74. Presumably such an estimate of the amount could be made in time to act on it. Whether accommodation is a desirable policy is not addressed here. Consistently followed, it would result in a higher long-run rate of inflation, because there are not likely to be nearly enough episodes of deflationary accommodation to offset the inflationary ones. Notwithstanding the appeal in the short run to accept inflationary fait accompli in order to avoid prolonged economic slack, one may have strong reservations about the long-run consequences on expectations of following such a policy.
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Suggested Citation

  • Cagan, Phillip, 1980. "Imported Inflation, 1973-74 and the Accommodation Issue," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(1), pages 1-16, February.
    • Handle: RePEc:mcb:jmoncb:v:12:y:1980:i:1:p:1-16
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    Cited by:

    1. Aurélien Goutsmedt, 2021. "From the Stagflation to the Great Inflation: Explaining the US economy of the 1970s," Revue d'économie politique, Dalloz, vol. 131(3), pages 557-582.
    2. Gandolfi, Arthur E & Lothian, James R, 1983. "International Price Behavior and the Demand for Money," Economic Inquiry, Western Economic Association International, vol. 21(3), pages 295-311, July.

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