Inflation, Unemployment and Hysteresis: An alternative view
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.
Volume (Year): 13 (2001)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Trezzini, Attilio, 1995. "Capacity Utilisation in the Long Run and the Autonomous Components of Aggregate Demand," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 33-66.
- David G. Blanchflower & Andrew J. Oswald, 1995.
"The Wage Curve,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 026202375x, June.
- McCallum, John, 1983. "Inflation and Social Consensus in the Seventies," Economic Journal, Royal Economic Society, vol. 93(372), pages 784-805, December.
- Olivier J. Blanchard, 1985.
"The Wage Price Spiral,"
NBER Working Papers
1771, National Bureau of Economic Research, Inc.
- Boyer, Robert, 1979. "Wage Formation in Historical Perspective: The French Experience," Cambridge Journal of Economics, Oxford University Press, vol. 3(2), pages 99-118, June.
- 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.
- Solow, Robert M, 1980. "On Theories of Unemployment," American Economic Review, American Economic Association, vol. 70(1), pages 1-11, March.
- Stirati, Antonella, 1992. "Unemployment, Institutions and the Living Standard in the Classical Theory of Wages," Contributions to Political Economy, Oxford University Press, vol. 11(0), pages 41-66.
- Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S121-69, Supplemen.
- Ginzburg Andrea & Simonazzi Annamaria, 1997. "Saggio di interesse e livello dei prezzi: i paradossi della disinflazione," Rivista italiana degli economisti, Società editrice il Mulino, issue 1, pages 23-68.
- Beckerman, Wilfred & Jenkinson, Tim, 1986. "What Stopped the Inflation? Unemployment of Commodity Prices?," Economic Journal, Royal Economic Society, vol. 96(381), pages 39-54, March.
- 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.
- Rowthorn, Robert, 1995. "Capital Formation and Unemployment," Oxford Review of Economic Policy, Oxford University Press, vol. 11(1), pages 26-39, Spring.
- 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.
- Harcourt, G C & Kenyon, Peter, 1976. "Pricing and the Investment Decision," Kyklos, Wiley Blackwell, vol. 29(3), pages 449-77.
- Eichner, Alfred S, 1973. "A Theory of the Determination of the Mark-up Under Oligopoly," Economic Journal, Royal Economic Society, vol. 83(332), pages 1184-1200, December.
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:427-451. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.