| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3067 |
| DP3067 The Great Demand Depression | |
| Mark Weder | |
| 发表日期 | 2001-11-11 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper provides a discussion of some aspects of aggregate supply and demand determination in the United Kingdom. It argues that: (1) UK policymakers in the 1960s and 1970s did not use the downward-sloping Phillips curve as a model of inflation or a guide to policy. The explanation proposed by Sargent (1999) for the US Great Inflation is therefore unlikely to account for the Great Inflation in the UK. (2) The proposition that inflation is a monetary phenomenon is fully consistent with the use of models in which money and other measures of monetary policy stance do not appear in the price-setting equations. (3) The UK exhibits a relationship between output and short-term real interest rates that is quite distinct from that observed in the US. |
| 主题 | International Macroeconomics |
| 关键词 | Uk monetary policy Great inflation Taylor rule Transmission mechanism |
| URL | https://cepr.org/publications/dp3067 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532099 |
| 推荐引用方式 GB/T 7714 | Mark Weder. DP3067 The Great Demand Depression. 2001. |
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