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Brunner, K., Cukierman, A., Meltzer, A. Stagflation, Persistent Unemployment and the Permanence of Economic Shocks. Credit and Capital Markets – Kredit und Kapital, 52(4), 477-504. https://doi.org/10.3790/ccm.52.4.477
Brunner, Karl; Cukierman, Alex and Meltzer, Allan H.. "Stagflation, Persistent Unemployment and the Permanence of Economic Shocks" Credit and Capital Markets – Kredit und Kapital 52.4, 2019, 477-504. https://doi.org/10.3790/ccm.52.4.477
Brunner, Karl/Cukierman, Alex/Meltzer, Allan H. (2019): Stagflation, Persistent Unemployment and the Permanence of Economic Shocks, in: Credit and Capital Markets – Kredit und Kapital, vol. 52, iss. 4, 477-504, [online] https://doi.org/10.3790/ccm.52.4.477

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Stagflation, Persistent Unemployment and the Permanence of Economic Shocks

Brunner, Karl | Cukierman, Alex | Meltzer, Allan H.

Credit and Capital Markets – Kredit und Kapital, Vol. 52 (2019), Iss. 4 : pp. 477–504

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Article Details

Author Details

Prof. Dr. Karl Brunner †

Prof. Dr. Alex Cukierman

Prof. Dr. Allan H. Meltzer †

References

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  2. Brunner, K./Meltzer, A. H. (1978): Monetary theory (tentative title).  Google Scholar
  3. Cagan, P. (1972): The channels of monetary effects on interest rates, National Bureau of Economic Research, New York.  Google Scholar
  4. Cukierman, A./Wachtel, P. (1979): Differential inflationary expectations and the variability of the rate of inflation: Theory and evidence. American Economic Review, September 69, pp. 535–609.  Google Scholar
  5. Cukierman, A. (1979): Rational expectations and the role of monetary policy: A generalization, Journal of Monetary Economics 5, April, pp. 113–230.  Google Scholar
  6. Cukierman, A. (1980): The effects of wage indexation on macroeconomic fluctuations: A generalization. Journal of Monetary Economics 6, April, pp. 147–170.  Google Scholar
  7. Frenkel, J. (1975): Inflation and the formation of expectations, Journal of Monetary Economics 1, November, pp. 403–421.  Google Scholar
  8. Friedman, B. M. (1979): Optimal expectations and the extreme information assumptions of ‘rational expectations’ macromodels. Journal of Monetary Economics 5, Januar, pp. 23 42.  Google Scholar
  9. Friedman, M. (1957): A theory of the consumption function, National Bureau of Economic Research, New York.  Google Scholar
  10. Friedman, M. (1959): The demand for money: Some theoretical and empirical results, Journal of Political Economy 67, August, pp. 327–351.  Google Scholar
  11. Friedman, M. (1968): The role of monetary policy, American Economic Review 58, March, pp. 1–17.  Google Scholar
  12. Friedman, M. (1977): Nobel Lecture: Inflation and unemployment, Journal of Political Economy 85, June, pp. 451–472.  Google Scholar
  13. Graybill, F. A. (1961): An introduction to linear statistical models, McGraw-Hill, Vol. 1, New York.  Google Scholar
  14. Haberger, A. C. (1963): The dynamics of inflation in Chile, in: C. Christ, ed., Measurement in economics and econometrics, Stanford University Press, Stanford, CA.  Google Scholar
  15. Laidler, D. (1966): The rate of interest and the demand for money – Some empirical evidence, Journal of Political Economy 74, Dec., pp. 543–555.  Google Scholar
  16. Lucas, R./Rapping, L. (1969): Real wages, employment and inflation, Journal of Political Economy 77, Sept.–Okt., pp. 721–754.  Google Scholar
  17. Lucas, R. (1973): Some international evidence on output inflation tradeoffs, American Economic Review 63. June, pp. 326–335.  Google Scholar
  18. Lucas, R. (1975): An equilibrium model of the business cycle, Journal of Political Economy 83, Dec., pp. 1113–1144.  Google Scholar
  19. Mussa, M. (1975): Adaptive and regressive expectations in a rational model of the inflationary process, Journal of Monetary Economics 1, Nov., pp. 423–442.  Google Scholar
  20. Muth, J. F. (1960): Optimal properties of exponentially weighted forecasts, Journal of the American Statistical Association 55, June, pp. 299–306.  Google Scholar
  21. Muth, J. F. (1961): Rational expectations and the theory of price movement. Econometrica 23, July, pp. 315–335.  Google Scholar
  22. Phelps, E. S. (1967): Phillips curves, expectations of inflation and optimal unemployment over time. Economica 34, Aug., pp. 254–281.  Google Scholar
  23. Poole, W. (1976): Rational expectations in the macro model, Brookings Papers on Economic Activity, no. 2, pp. 463–514.  Google Scholar
  24. Turnovsky, S. J. (1977): Structural expectations and the effectiveness of government policy in a short run macroeconomic model, American Economic Review 67, Dec., pp. 851–866.  Google Scholar
  25. Barro, R. J. (1976): Rational expectations and the role of monetary policy, Journal of Monetary Economics 2, Jan., pp. 1–32.  Google Scholar
  26. Brunner, K./Meltzer, A. H. (1978): Monetary theory (tentative title).  Google Scholar
  27. Cagan, P. (1972): The channels of monetary effects on interest rates, National Bureau of Economic Research, New York.  Google Scholar
  28. Cukierman, A./Wachtel, P. (1979): Differential inflationary expectations and the variability of the rate of inflation: Theory and evidence. American Economic Review, September 69, pp. 535–609.  Google Scholar
  29. Cukierman, A. (1979): Rational expectations and the role of monetary policy: A generalization, Journal of Monetary Economics 5, April, pp. 113–230.  Google Scholar
  30. Cukierman, A. (1980): The effects of wage indexation on macroeconomic fluctuations: A generalization. Journal of Monetary Economics 6, April, pp. 147–170.  Google Scholar
  31. Frenkel, J. (1975): Inflation and the formation of expectations, Journal of Monetary Economics 1, November, pp. 403–421.  Google Scholar
  32. Friedman, B. M. (1979): Optimal expectations and the extreme information assumptions of ‘rational expectations’ macromodels. Journal of Monetary Economics 5, Januar, pp. 23 42.  Google Scholar
  33. Friedman, M. (1957): A theory of the consumption function, National Bureau of Economic Research, New York.  Google Scholar
  34. Friedman, M. (1959): The demand for money: Some theoretical and empirical results, Journal of Political Economy 67, August, pp. 327–351.  Google Scholar
  35. Friedman, M. (1968): The role of monetary policy, American Economic Review 58, March, pp. 1–17.  Google Scholar
  36. Friedman, M. (1977): Nobel Lecture: Inflation and unemployment, Journal of Political Economy 85, June, pp. 451–472.  Google Scholar
  37. Graybill, F. A. (1961): An introduction to linear statistical models, McGraw-Hill, Vol. 1, New York.  Google Scholar
  38. Haberger, A. C. (1963): The dynamics of inflation in Chile, in: C. Christ, ed., Measurement in economics and econometrics, Stanford University Press, Stanford, CA.  Google Scholar
  39. Laidler, D. (1966): The rate of interest and the demand for money – Some empirical evidence, Journal of Political Economy 74, Dec., pp. 543–555.  Google Scholar
  40. Lucas, R./Rapping, L. (1969): Real wages, employment and inflation, Journal of Political Economy 77, Sept.–Okt., pp. 721–754.  Google Scholar
  41. Lucas, R. (1973): Some international evidence on output inflation tradeoffs, American Economic Review 63. June, pp. 326–335.  Google Scholar
  42. Lucas, R. (1975): An equilibrium model of the business cycle, Journal of Political Economy 83, Dec., pp. 1113–1144.  Google Scholar
  43. Mussa, M. (1975): Adaptive and regressive expectations in a rational model of the inflationary process, Journal of Monetary Economics 1, Nov., pp. 423–442.  Google Scholar
  44. Muth, J. F. (1960): Optimal properties of exponentially weighted forecasts, Journal of the American Statistical Association 55, June, pp. 299–306.  Google Scholar
  45. Muth, J. F. (1961): Rational expectations and the theory of price movement. Econometrica 23, July, pp. 315–335.  Google Scholar
  46. Phelps, E. S. (1967): Phillips curves, expectations of inflation and optimal unemployment over time. Economica 34, Aug., pp. 254–281.  Google Scholar
  47. Poole, W. (1976): Rational expectations in the macro model, Brookings Papers on Economic Activity, no. 2, pp. 463–514.  Google Scholar
  48. Turnovsky, S. J. (1977): Structural expectations and the effectiveness of government policy in a short run macroeconomic model, American Economic Review 67, Dec., pp. 851–866.  Google Scholar
  49. Barro, R. J. (1976): Rational expectations and the role of monetary policy, Journal of Monetary Economics 2, Jan., pp. 1–32.  Google Scholar
  50. Brunner, K./Meltzer, A. H. (1978): Monetary theory (tentative title).  Google Scholar
  51. Cagan, P. (1972): The channels of monetary effects on interest rates, National Bureau of Economic Research, New York.  Google Scholar
  52. Cukierman, A./Wachtel, P. (1979): Differential inflationary expectations and the variability of the rate of inflation: Theory and evidence. American Economic Review, September 69, pp. 535–609.  Google Scholar
  53. Cukierman, A. (1979): Rational expectations and the role of monetary policy: A generalization, Journal of Monetary Economics 5, April, pp. 113–230.  Google Scholar
  54. Cukierman, A. (1980): The effects of wage indexation on macroeconomic fluctuations: A generalization. Journal of Monetary Economics 6, April, pp. 147–170.  Google Scholar
  55. Frenkel, J. (1975): Inflation and the formation of expectations, Journal of Monetary Economics 1, November, pp. 403–421.  Google Scholar
  56. Friedman, B. M. (1979): Optimal expectations and the extreme information assumptions of ‘rational expectations’ macromodels. Journal of Monetary Economics 5, Januar, pp. 23 42.  Google Scholar
  57. Friedman, M. (1957): A theory of the consumption function, National Bureau of Economic Research, New York.  Google Scholar
  58. Friedman, M. (1959): The demand for money: Some theoretical and empirical results, Journal of Political Economy 67, August, pp. 327–351.  Google Scholar
  59. Friedman, M. (1968): The role of monetary policy, American Economic Review 58, March, pp. 1–17.  Google Scholar
  60. Friedman, M. (1977): Nobel Lecture: Inflation and unemployment, Journal of Political Economy 85, June, pp. 451–472.  Google Scholar
  61. Graybill, F. A. (1961): An introduction to linear statistical models, McGraw-Hill, Vol. 1, New York.  Google Scholar
  62. Haberger, A. C. (1963): The dynamics of inflation in Chile, in: C. Christ, ed., Measurement in economics and econometrics, Stanford University Press, Stanford, CA.  Google Scholar
  63. Laidler, D. (1966): The rate of interest and the demand for money – Some empirical evidence, Journal of Political Economy 74, Dec., pp. 543–555.  Google Scholar
  64. Lucas, R./Rapping, L. (1969): Real wages, employment and inflation, Journal of Political Economy 77, Sept.–Okt., pp. 721–754.  Google Scholar
  65. Lucas, R. (1973): Some international evidence on output inflation tradeoffs, American Economic Review 63. June, pp. 326–335.  Google Scholar
  66. Lucas, R. (1975): An equilibrium model of the business cycle, Journal of Political Economy 83, Dec., pp. 1113–1144.  Google Scholar
  67. Mussa, M. (1975): Adaptive and regressive expectations in a rational model of the inflationary process, Journal of Monetary Economics 1, Nov., pp. 423–442.  Google Scholar
  68. Muth, J. F. (1960): Optimal properties of exponentially weighted forecasts, Journal of the American Statistical Association 55, June, pp. 299–306.  Google Scholar
  69. Muth, J. F. (1961): Rational expectations and the theory of price movement. Econometrica 23, July, pp. 315–335.  Google Scholar
  70. Phelps, E. S. (1967): Phillips curves, expectations of inflation and optimal unemployment over time. Economica 34, Aug., pp. 254–281.  Google Scholar
  71. Poole, W. (1976): Rational expectations in the macro model, Brookings Papers on Economic Activity, no. 2, pp. 463–514.  Google Scholar
  72. Turnovsky, S. J. (1977): Structural expectations and the effectiveness of government policy in a short run macroeconomic model, American Economic Review 67, Dec., pp. 851–866.  Google Scholar