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Inflation, Unemployment and Hysteresis: An alternative view

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  • Antonella Stirati

Abstract

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.

Suggested Citation

  • Antonella Stirati, 2001. "Inflation, Unemployment and Hysteresis: An alternative view," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 427-451.
  • Handle: RePEc:taf:revpoe:v:13:y:2001:i:4:p:427-451
    DOI: 10.1080/09538250120099944
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    References listed on IDEAS

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    Cited by:

    1. Aldo Barba, 2006. "Viability of Pay-As-You-Go pension systems: a demand side perspective," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 413-425.
    2. Aspromourgos, Tony, 2014. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: a Review Essay," Centro Sraffa Working Papers CSWP7, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Tony Aspromourgos, 2004. "Sraffian research programmes and unorthodox economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(2), pages 179-206.
    4. Serrano, Franklin & Summa , Ricardo, 2015. "Distribution and Cost-Push inflation in Brazil under inflation targeting, 1999-2014," Centro Sraffa Working Papers CSWP14, Centro di Ricerche e Documentazione "Piero Sraffa".
    5. Antonella Palumbo, 2008. "I metodi di stima del PIL potenziale tra fondamenti di Teoria economica e Contenuto empirico," Departmental Working Papers of Economics - University 'Roma Tre' 0092, Department of Economics - University Roma Tre.
    6. Sergio Cesaratto, 2016. "The modern revival of the Classical surplus approach: implications for the analysis of growth and crises," Department of Economics University of Siena 735, Department of Economics, University of Siena.
    7. Sergio Cesaratto, 2002. "The Economics of Pensions: A non-conventional approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(2), pages 149-177.
    8. Tony Aspromourgos, 2015. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 284-305, May.

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