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- W59124540 abstract "An important contribution of the theory of the natural rate of unemployment is to show that a major influence on the actual rate of inflation is the expected rate of inflation. The high rates of inflation experienced in the 1970s and the 1980s in many industrialised capitalist economies would be hard, maybe impossible, to explain without the idea that the expected rate of inflation influences the actual rate. In the 1970s and the 1980s people expected the price level to increase and this expectation influenced their actions in setting wages and prices, thus ensuring that the price level did increase." @default.
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- W59124540 date "1995-06-22" @default.
- W59124540 modified "2023-10-18" @default.
- W59124540 title "Models of the range of equilibria" @default.
- W59124540 doi "https://doi.org/10.1017/cbo9780511559631.009" @default.
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