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Inflation and Macroeconomics in the US during the Golden Age
Journal Title: HISTORY OF ECONOMIC THOUGHT AND POLICY 
Author/s: Guilherme Spinato Morlin 
Year:  2021 Issue: Language: English 
Pages:  24 Pg. 107-130 FullText PDF:  266 KB
DOI:  10.3280/SPE2021-001005
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This paper reviews interpretations of the moderate inflation observed in the US during the 1950s and early 1960s. In this period, moderate and persistent inflation disconcerted economists and challenged policymakers. The opposition between demand-pull and cost-push views stimulated different interpretations, as sectorial demand-shift inflation theory and the modified Phillips curve. As policy targeted growth and employment, incomes policy was applied to contain inflation. The pa-per provides an overview of explanations to the moderate inflationary process in light of the historical events of the Golden Age of capitalism.
Keywords: creeping inflation, cost-push inflation, incomes policy, Phillips curve, wage-price spiral
Jel Code: B22, E31, N12

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Guilherme Spinato Morlin, in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2021, pp. 107-130, DOI:10.3280/SPE2021-001005

   

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