In the preceding chapters we have expounded the corpus of the theory and policy of inflation as it exists in the mid-1970s. Given the scope and intensity of current research, this corpus is bound to undergo marked changes, even in the next few years. It is not at all easy to predict the direction which these changes will take. Nevertheless in this concluding chapter we shall make the attempt. More precisely, we shall try to identify that part of current work which, because of its excellence and its concentration on fundamental problems, appears destined to become part of the corpus, once it has been more fully developed.
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- 1.See J. M. Parkin, M. T. Sumner and R. Ward, ‘Wage Behaviour in an Open Economy: Excess Demand, Generalized Expectations, and Incomes Policies in the United Kingdom’, in Conference On Wage-Price Controls, ed. K. Brunner and A. H. Metzler (Amsterdam: North Holland, 1975).Google Scholar
- 2.In particular see, John A. Carlson and Michael Parkin, ‘Inflation Expectations’, Economica (May 1975); and Michael Danes, ‘The Measurement and Explanation of Inflationary Expectations in Australia’, Australian Economic Papers (June 1975).Google Scholar
- 3.As an example see David Laidler,’ simultaneous Fluctuations in Prices and Output — A Business Cycle Approach’, Economica (February 1973); and David Laidler, ‘The Influence of Money on Real Income and Inflation: A Simple Model with some Empirical Tests for the United States, 1953–1972’, Manchester School (December 1973).Google Scholar
- 4.So far the two most important references are R. G. lipsey,’ structural and Deficient-Demand Unemployment Reconsidered’, in Employment Policy and the Labor Market, ed. R. M. Ross (University of California Press, 1965); and E. S. Phelps, ‘Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time’, Economica (August 1967). For an exposition of these two works, see Ajit K. Dasgupta and A. J. Hagger, The Objectives of Macro-Economic Policy (London: Macmillan, 1971) pp. 451–71.Google Scholar