The Demand for and Supply of Inflation

@article{Gordon1975TheDF,
  title={The Demand for and Supply of Inflation},
  author={Robert J. Gordon},
  journal={The Journal of Law and Economics},
  year={1975},
  volume={18},
  pages={807 - 836}
}
  • R. Gordon
  • Published 1 December 1975
  • Economics
  • The Journal of Law and Economics
ECONOMIC research on the causes of inflation has been primarily devoted to the theoretical and empirical study of the links between government policy variables and the rate of inflation. While debate continues on the process of short-run adjustment, most economists are prepared to agree that in the long run "inflation is always and everywhere a monetary phenomenon."3 Abundant empirical evidence has confirmed that the major historical accelerations and decelerations of inflation-not only during… 
The endogenous money stock
The banking system has no direct control over the prices of individual commodities or over the rates of money earnings of the factors of production. Nor has it, in reality, any direct control over
Recent Developments in the Theory of Inflation and Unemployment
Wages, Profits, and Macroeconomic Adjustment: A Comparative Study
The behavior of real wages has complicated macroeconomic policy in the industrialized world during the 1970s. Many commentators have discussed the extraordinary increase in wage inflation in Europe
Supply Shocks and Monetary Policy Revisited
This paper reviews the main issues that supply shocks pose for the conduct of monetary policy. A simple version of the Gordon-Phelps model shows that the necessary condition for actual real GNP to be
Supply Shocks and Monetary Policy Revisited
This paper reviews the main issues that supply shocks pose for the conduct of monetary policy. A simple version of the Gordon-Phelps model shows that the necessary condition for actual real GNP to be
Inflationary Bias of the Federal Reserve System
The creation of the Federal Reserve System coincides with a turning point in the inflationary history of the United States. Before 1914 there was no overall trend in the price level. Generally,
The Conduct of Domestic Monetary Policy
This paper develops the view that monetary policy operates within a set of basic constraints that limit the set of outcomes that it can achieve.These include constraints on aggregate supply behavior
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 13 REFERENCES
Wage-Price Controls and the Shifting Phillips Curve
THE CONDITION OF THE U.S. ECONOMY improved in almost every respect after the initiation of the wage-price control program on August 15, 1971. Real gross national product grew rapidly, unemployment
Temporary Layoffs in the Theory of Unemployment
The typical worker who is laid off is soon rehired by his original employer. This important and generally unnoticed fact requires a major reevaluation of our current theories of unemployment. This
The actual behavior of incumbent governments was erratic, with booms in some election years
  • 1964
Determinants of Wage Inflation
  • Around the World,
  • 1975
Fair, On Controlling the Economy to Win Elections (Cowles Foundation Discussion
  • Paper No. 397,
  • 1975
1950-1971 postwar inflation transferred about $600 billion from households, the major net creditors, to the federal government and to business firms, the major debtors
  • Inflation and the Redistribution of Wealth,
  • 1974
supra note 16. The equation is fit for a number of sample periods, the longest of which is 1861
  • 1973
Short-term Fluctuations in U.S. Voting Behavior, 65
  • Am. Pol. Sci. Rev
  • 1971
...
1
2
...