Economics of Worldwide Stagflation

Michael Bruno; Jeffrey D. Sachs

Published by Harvard University Press 1985

Economics of Worldwide Stagflation

Michael Bruno and Jeffrey D. Sachs

https://doi.org/10.4159/harvard.9780674493049

Overview
Contents

About this book

This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years.

The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe.

Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.

Author / Editor information

Sachs Jeffrey D. :

Jeffrey D. Sachs is the Quetelet Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University.

Reviews

This is serious supply-side economics...An excellent and important book.

Topics

Frontmatter Publicly Available Download PDF	i
Acknowledgments Requires Authentication Unlicensed Licensed Download PDF	v
Contents Publicly Available Download PDF	ix
Introduction Requires Authentication Unlicensed Licensed Download PDF	1
1. Elements of a Theory Requires Authentication Unlicensed Licensed Download PDF	16
2. Production, Technology, and the Factor Price Frontier Requires Authentication Unlicensed Licensed Download PDF	35
3. Factor Adjustment to Supply Price Shocks Requires Authentication Unlicensed Licensed Download PDF	59
4. Savings, Investment, and Capital Flows Requires Authentication Unlicensed Licensed Download PDF	70
5. Stagflation and Short-Run Adjustment Requires Authentication Unlicensed Licensed Download PDF	88
6. Macroeconomic Adjustment and Policy Coordination in a Global Setting Requires Authentication Unlicensed Licensed Download PDF	109
7. Simulation Models Requires Authentication Unlicensed Licensed Download PDF	133
8. Empirical Overview of Stagflation in the OECD Requires Authentication Unlicensed Licensed Download PDF	154
9. Real Wages and Unemployment Requires Authentication Unlicensed Licensed Download PDF	178
10. Price and Output Dynamics in Eight Economies Requires Authentication Unlicensed Licensed Download PDF	198
11. Labor Markets and Comparative Macroeconomic Performance Requires Authentication Unlicensed Licensed Download PDF	217
12. Supply Shocks, Demand Response, and the Productivity Puzzle Requires Authentication Unlicensed Licensed Download PDF	248
13. Lessons for Theory and Policy Requires Authentication Unlicensed Licensed Download PDF	273
Notes. Bibliography. Index Requires Authentication Unlicensed Licensed Download PDF	281

(Deutsch)

Language: English
Publisher: Harvard University Press
Edition: Reprint 2014
Audience: Professional and scholarly;
Pages
- Front matter: 7
- Main content: 315
Illustrations
- Illustrations: 30
- Tables: 64
- Other: 64 tables, 29 line illustrations
Keywords: Macroeconomics.; Unemployment -- Effect of inflation on.; Economic development.; Economic history -- 1971-1990.; BUSINESS & ECONOMICS / General

eBook

Published: October 1, 2013
ISBN: 9780674493049

Hardcover

Published: February 5, 1985
ISBN: 9780674493032