Estimated inflation costs had european unemployment been reduced in the 1980s by macro policies

Estimated Tradeoffs Between Unemployment and Inflation

An important question in macroeconomics is the size of the tradeoff between unemployment and inflation. I have been asked by the organizers of this symposium to consider this question, and so this is yet another paper on the tradeoff issue. Given an econometric model of price and wage behavior, it is straightforward to compute the tradeoff. The key problem is finding the model that best approxi...

Ever been HAD?

On the Costs and Benefits of Anti-Inflation Policies

A prominent policy issue of the 1970s and one that seems certain to dominate the early 1980s is the appropriate response to a prevailing high rate of inflation. The view that there is a long-run trade-off between inflation and unemployment, widely accepted at the end of the sixties, is now held by only a small minority of economists. It is still widely believed, however, that there is a short-r...

An Inflation Forecasting Model for the 1980s

The Class Content of Preferences Towards Anti-Inflation and Anti Unemployment Policies