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BPEA Article

Some Macro Foundations for Micro Theory

Abstract

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.

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