I notice that my equation turned up very garbled in the Pen-l
archive. Restated to avoid garbling, it was that:
the current rate of inflation
equals
the core rate of inflation, reflecting expected inflation and the
wage/price spiral (inertial or built-in inflation)
plus
additional inflatio
To respond to Ellen Frank's latest posting (I'm glad someone is
still interested in the AD/AS brouhaha!), I would say first that
what is needed is a graphical framework in which P-dot is on the
vertical axis and not Y but Y/Y* (or U) is on the horizontal axis;
the latter approach sets
To respond to Ellen Frank's latest posting (I'm glad someone is
still interested in the AD/AS brouhaha!), I would say first that
what is needed is a graphical framework in which P-dot is on the
vertical axis and not Y but Y/Y* (or U) is on the horizontal axis;
the latter approach sets
Peter:
1) I am glad to hear that you are free of sin, my brother, in
your (past) teaching of micro. However in your remarks about
"microland is faster than macroland" I would say it ain't necessarily
so, especially when prices are a signaling device. We have seen
plenty sudden speculative fren
Peter:
1) I am glad to hear that you are free of sin, my brother, in
your (past) teaching of micro. However in your remarks about
"microland is faster than macroland" I would say it ain't necessarily
so, especially when prices are a signaling device. We have seen
plenty sudden speculative fren
I have found the latest flurry of exchanges on the AD-AS question very
interesting, and would have jumped in sooner if I only had more time.
Now that my name has been mentioned, I can no longer restrain myself --
though time constraints still limit me to one small point.
Peter Dorman referred
I have found the latest flurry of exchanges on the AD-AS question very
interesting, and would have jumped in sooner if I only had more time.
Now that my name has been mentioned, I can no longer restrain myself --
though time constraints still limit me to one small point.
Peter Dorman referred
Alas, just when I thought I might actually get some work done, I
have been summoned to make an appearance on PEN-L. I have no idea
whether I delivered a knockout blow to the AD curve (or AS--read
on), but, instead of referring people to the archive, maybe it
will be a public service to repeat my
Alas, just when I thought I might actually get some work done, I
have been summoned to make an appearance on PEN-L. I have no idea
whether I delivered a knockout blow to the AD curve (or AS--read
on), but, instead of referring people to the archive, maybe it
will be a public service to repeat my
