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Imported Inflation 1973-74 and the Accommodation Issue / Phillip Cagan.
- Format:
- Book
- Author/Creator:
- Cagan, Phillip.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w0258.
- NBER working paper series no. w0258
- Language:
- English
- Subjects (All):
- Inflation (Finance)--Econometric models.
- Inflation (Finance).
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1978.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1978.
- Summary:
- The purpose of the present study is to measure the amount of price increase that the proposals for accommodation required in 1973-74. Presumably such an estimate of the amount could be made in time to act on it. Whether accommodation is a desirable policy is not addressed here. Consistently followed, it would result in a higher long-run rate of inflation, because there are not likely to be nearly enough episodes of deflationary accommodation to offset the inflationary ones. Notwithstanding the appeal in the short run to accept inflationary fait accompli in order to avoid prolonged economic slack, one may have strong reservations about the long-run consequences on expectations of following such a policy.
- Notes:
- Print version record
- July 1978.
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