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This study constructs measures of aggregate price uncertainty for four industrialized countries (Canada, West Germany, Great Britain, and the United States) and attempts to assess the extent to which more rapid and more variable price changes appear to have contributed to increased aggregate price uncertainty. For this purpose we examine the relationship across countries and through time between the rate of inflation, inflation variability, and our measures of price uncertainty. In addition we use our measures of price uncertainty to examine the hypothesis, variously put forward by Marshall, Keynes, Milton Friedman, and Okun, that higher aggregate price uncertainty is likely tor esult in lower real output and higher unemployment. Our results suggest that the higher and more variable inflation of the 1970s did increase uncertainty about the aggregate price level in Canada, Great Britain and the United States, but the evidence for West Germany would not sustain such a conclusion. Finally, we did find evidence of a significant negative output effect of aggregate price uncertainty for Canada and the United Kingdom, but not for the United States or West Germany.
"First published in the New Palgrave: a dictionary of economics ... in four volumes, 1987"--T.p. verso. Includes bibliographical references.
This volume links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage- and price-setting in a macroeconomic model. The analysis is based on a profit maximization and rational behaviour and is thus in line with the newly emerged New Keynesian approach in its emphasis on the microeconomic foundation of macroeconomics. The volume goes on to explain three stylized facts in macroeconomics: nominal rigidity, real rigidity, and cost-oriented prices, presented in a coherent New Keynesian framework. The analysis also provides new insight into the role of competition in an economy with imperfectly and differentially informed firms. It shows that increased competition may increase nominal as well as real price rigidity and increased volatility of investment.
This comprehensively revised and updated edition develops the themes presented in the first edition. Students and teachers who are familiar with the book will notice entirely new chapters as well as significant revision and uptating of existing chapters to take into account global economic changes since the turn of the millennium. With qu
There has been relatively little work applying the conflict inflation approach in different theoretical and historical settings. This book remedies this gap by treating private-sector distributional conflicts as well as government budgetary pressures on the money supply and the price level. Attention is drawn to the costs of non-accommodative policies in a conflict setting - and to the additional difficulties of non-accommodation likely associated with the use of exchange rate pegging as a disinflation device.