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The Class Content of Preferences Towards Anti-Inflation and Anti Unemployment Policies

  • Arjun Jayadev

This paper assesses class based preferences towards anti-inflationary and anti-unemployment policy. Using a consistent cross-country social survey, I find that the working class broadly defined, and those with lower occupational skill and status are more likely to prioritize combating unemployment rather than inflation. The result is robust to the inclusion of several plausible controls. The idea that the working class is less ‘relatively inflation averse’ is consistent with earlier predictions coming from large body of political economy research in the 1970s. The finding that inflation and unemployment aversion have a distinct class character has implications for current debates on the implications of macroeconomic policies such as inflation targeting..

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File URL: http://repec.umb.edu/RePEc/files/jayadev-cbp.pdf
File Function: Revised version, 2007 Classification-E24; E31; C42
Download Restriction: no

Paper provided by University of Massachusetts Boston, Economics Department in its series Working Papers with number 8.

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Length: 15 Pages
Date of creation:
Date of revision:
Handle: RePEc:mab:wpaper:8
Contact details of provider: Postal: 100 Morrissey Blvd., Boston 02125
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Web page: http://economics.umb.edu

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  1. Easterly, William & Fischer, Stanley, 2000. "Inflation and the poor," Policy Research Working Paper Series 2335, The World Bank.
  2. Robert J. Barro & David B. Gordon, 1981. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc.
  3. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, vol. 91(1), pages 335-341, March.
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