Research
BPEA | 1981 No. 2Some Macro Foundations for Micro Theory
Charles L. Schultze
Charles L. Schultze
Former Brookings Expert
Discussants:
Robert J. Gordon and
Robert J. Gordon
Stanley G. Harris Professor of the Social Sciences
- Northwestern University
William Fellner
William Fellner
American Enterprise Institute
Charles L. Schultze
Former Brookings Expert
Robert J. Gordon
Stanley G. Harris Professor of the Social Sciences
- Northwestern University
William Fellner
American Enterprise Institute
1981, No. 2
THIS paper examines the course of inflation in the United States since the
turn of the century as a means of throwing light on several major controversies
in current research on inflation. The paper does not attempt to
build a better econometric model of the inflation process. Rather, it is an
exercise in analytical history that suggests certain conclusions about wage
and price behavior at odds with the recent accelerationist variants of inflation
theory.