Showing papers on "Inflation published in 1969"

Real Wages, Employment, and Inflation

Abstract: Current issues are now on the Chicago Journals website. Read the latest issue.One of the oldest and most prestigious journals in economics, the Journal of Political Economy (JPE) presents significant and essential scholarship in economic theory and practice. The journal publishes highly selective and widely cited analytical, interpretive, and empirical studies in a number of areas, including monetary theory, fiscal policy, labor economics, development, microeconomic and macroeconomic theory, international trade and finance, industrial organization, and social economics.

Relative Wages and the Rate of Inflation

Abstract: I. Introduction, 353. — II. A price-price inflation, 355. — III. A wage-wage inflation, 363. — IV. Spontaneous inflations and general equilibrium, 371. — V. Conclusions, 373.

Inflatable floating booms

Abstract: ACCORDION-FOLDING FLOATING BOOMS FOR CONFINING SPILLED OIL OR OTHER FLOATING MATERIAL INCORPORATING A THIN CONTINUOUS FLEXIBLE FIN POSITIONED VERTICALLY AND PROVIDED WITH NUMEROUS, SHORT, INFLATABLE BALLON-LIKE FLOAT POCKETS MOUNTED ALONG ITS UPPER EDGE. THE FLOAT POCKETS ARE ALL DEFLATABLE AND COLLAPSIBLE FOR COMPACT ACCORDION-FOLDED STOWAGE OF THE BOOM IN LIMITED VOLUMES OF SPACE FOR STORAGE, SHIPMENT AND DELIVERY TO THE SITE BY WATER TRANSPORT OR BY AIRDROP. AUTOMATIC INFLATION OF SUCCESSIVE INFLATABLE FLOAT POCKETS UPON UNFOLDING DEPLOYMENT OF THE BOOMS IS ACHIEVED BY INDIVIDUAL PRESSURE SOURCES ACTUATED BY THE DEPLOYMENT PROCESS, PRIVIDING INFLATION PRESSURE TO PRODUCE FULLY INFLATED EXPANSION OF THE FLOAT POCKETS FOR BUOYANT FLOATATION OF THE BOOM STRUCTURE . COMPRESSED GAS CHANGE CYLINDERS TRIGGERED BY UNFOLDING OF THE BOOM SUPPLY THE DESIRED INFLATION PRESSURE. ALTERNATIVELY, CHEMICAL REACTANTS ENCLOSED IN ADJACENT ENCLOSURES ARE MIXED TOGETHER UPON UNFOLDING DEPLOYMENT OF THE BOOM TO PRODUCE SUFFICIENT AMOUNTS OF GASEOUS REACTION PRODUCT TO PROVIDE INFLATION PRESSURES REQUIRED FOR EACH BUOYANT BALLOON-LIKE FLOAT POCKET.

The Nature of the Policy Problem

Abstract: There is an enormous gap between monetary theory and the discussion or practice of monetary policy. Most economists agree on the general outline of a theory —at least the comparative statics framework —linking money to prices and output. As long as discussion is confined to general frameworks that have minimal content, one can easily agree on some vague principles by which monetary policy should be guided and on the measures to be used as a standard of performance for policy. Implications of the theory are translated into guidelines for action, such as: Maintain the market rate of interest above, below, or equal to the real rate on real capital required to induce investors to hold the inherited capital stock, or equal to the real rate plus the expected rate of change of prices; or maintain full employment and growth without inflation.

Growth and Inflation

Abstract: Due to timely and forceful policy stimulus measures, an improving external environment, and restocking of depleted inventories, many emerging East Asian economies have shown evidence of a strong rebound from the sharp downturn in late 2008 and early 2009 (Figure 1). The combined gross domestic product (GDP) of the 10 largest economies in emerging East Asia1 grew 5.0% year-on-year2 in the third quarter of 2009, well above growth rates in the previous three quarters (Figure 2). Buoyed by massive fiscal and monetary stimulus, the People’s Republic of China (PRC) by far recorded the strongest performance, growing 8.9% in the third quarter of 2009. The four middle-income economies of the Association of Southeast Asian Nations (ASEAN) and Viet Nam expanded by 1.2% in the third quarter, while economic growth in the four newly-industrialized economies (NIEs) contracted slightly by 0.1% in the third quarter, which was a major turnaround from the NIEs’ 6.3% contraction in the first quarter of 2009.

An Analysis of the Price-Inventory Nexus with Empirical Application to the Canadian Manufacturing Sector

Abstract: Most empirical work dealing with the behavior of prices focuses on the aggregate price level2. This is not surprising, given countries' concern with inflation and the fact that inflation is defined in terms of the movement in some aggregate price index, such as the consumer price index. In addition, this work has been most fruitful: policy-makers now, as well as economists, are talking in terms of "trade-offs" between prices and unemployment. Nevertheless, there is a cost involved in such analyses. By concentrating on the determinants of the aggregate price level, these studies take price behavior out of the context of the industry or firm where the decisions concerning prices are actually made. The result may well be that such studies fail to provide adequate explanations for the behavior of the components of the aggregate price level. Equally important, an analysis of industry price behavior may yield valuable insights into aggregate price behavior -insights not available from aggregate analyses. It is within this setting that the present paper attempts to proceedto investigate price movements at a disaggregated level and to interpret the findings in the context of the current empirical literature on price behavior. More specifically, the purpose of this paper is two-fold: (1) to investigate the determinants of short-run price movements at an industry level, and (2) to ensure that these price equations are suitable for integration into the context of a larger industry submodel, including other decision variables such as inventories, production, and unfilled orders. Happily, to anticipate the results, these turn out to be complementary objectives. This occurs primarily because we hypothesize (and verify empirically) that short-run price changes are determined, in part, by considerations involving inventories. In fact, the variable that satisfies both these objectives-equilibrium inventories minus actual inventories-is the only variable that bears a consistent empirical relationship to quarterly price movements over 1956-1962, the time period of