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The Rise and Fall of Stagflation: Preliminary Results

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  • James Devine

    (Economics Department, Loyola Marymount University, Los Angeles CA 99046-8410 jdevine@lmumail.lmu.edu)

Abstract

This paper explains the rise and fall of stagflation between 1960 and 1998 in terms of the fall and rise of the cyclically-corrected profit rate as part of a preliminary investigation. Not only is the theory presented and compared to mainstream visions of the Natural Rate of Unemployment, but empirical evidence for my thesis is marshaled.

Suggested Citation

  • James Devine, 2000. "The Rise and Fall of Stagflation: Preliminary Results," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(3), pages 398-407, September.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:3:p:398-407
    DOI: 10.1177/048661340003200305
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    References listed on IDEAS

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    1. Richard C. K. Burdekin & Paul Burkett, 1996. "Distributional Conflict and Inflation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37173-6.
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    3. Flint Brayton & John M. Roberts & John C. Williams, 1999. "What's happened to the Phillips curve?," Finance and Economics Discussion Series 1999-49, Board of Governors of the Federal Reserve System (U.S.).
    4. Carlin, Wendy & Soskice, David, 1990. "Macroeconomics and the Wage Bargain: A Modern Approach to Employment, Inflation, and the Exchange Rate," OUP Catalogue, Oxford University Press, number 9780198772446.
    5. Joseph Stiglitz, 1997. "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 3-10, Winter.
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