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Economics of Worldwide Stagflation / Michael Bruno, Jeffrey D. Sachs.

By: Contributor(s): Material type: TextTextPublisher: Cambridge, MA : Harvard University Press, [2013]Copyright date: ©1985Edition: Reprint 2014Description: 1 online resource (315 p.) : 64 tables, 29 line illustrationsContent type:
Media type:
Carrier type:
ISBN:
  • 9780674493032
  • 9780674493049
Subject(s): DDC classification:
  • 330.9/04
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- Acknowledgments -- Contents -- Introduction -- 1. Elements of a Theory -- 2. Production, Technology, and the Factor Price Frontier -- 3. Factor Adjustment to Supply Price Shocks -- 4. Savings, Investment, and Capital Flows -- 5. Stagflation and Short-Run Adjustment -- 6. Macroeconomic Adjustment and Policy Coordination in a Global Setting -- 7. Simulation Models -- 8. Empirical Overview of Stagflation in the OECD -- 9. Real Wages and Unemployment -- 10. Price and Output Dynamics in Eight Economies -- 11. Labor Markets and Comparative Macroeconomic Performance -- 12. Supply Shocks, Demand Response, and the Productivity Puzzle -- 13. Lessons for Theory and Policy -- Notes. Bibliography. Index
Summary: This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780674493049

Frontmatter -- Acknowledgments -- Contents -- Introduction -- 1. Elements of a Theory -- 2. Production, Technology, and the Factor Price Frontier -- 3. Factor Adjustment to Supply Price Shocks -- 4. Savings, Investment, and Capital Flows -- 5. Stagflation and Short-Run Adjustment -- 6. Macroeconomic Adjustment and Policy Coordination in a Global Setting -- 7. Simulation Models -- 8. Empirical Overview of Stagflation in the OECD -- 9. Real Wages and Unemployment -- 10. Price and Output Dynamics in Eight Economies -- 11. Labor Markets and Comparative Macroeconomic Performance -- 12. Supply Shocks, Demand Response, and the Productivity Puzzle -- 13. Lessons for Theory and Policy -- Notes. Bibliography. Index

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This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 29. Nov 2021)