Success or Failure of Tight Policy against Inflation.

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Success or Failure of Tight Policy against Inflation.

Author:: Steindl, Josef

Scope:: Typoskript, 7 Blätter, 7 Seiten

Year of publication:: ohne Datum

Language:: English

Description:: " In other words various types of restricitve policy [monetary or fiscal tightness] may be contradictory in relation to various aims. The high interest policy [...] will lead to higher budget deficits. [...] On the other hand, a policy of increasing taxation [...] will raise prices and wages and so facilitate the continuing merry go round of prices shifted to wages and vice versa. In fact, in an inflationary process the budget policy is continuously faced with the choice of either passing on their increased cost, or letting the deficit rise."(Auszug, S. 1-2)

Note:: Unveröffentlichtes Typoskript.

Topic:: Economic policy

JEL Classification:: E31 [Price Level, Inflation, Deflation] E52 [Monetary Policy] E62 [Fiscal Policy]

Shelfmark:: S/M.75.1

Access:: Free access

7 The results of the balance of real wage target and productivity growth are different in different countries: In France, England, Italy the decline in productivity was stronger then that of real wage target, therefore acceleration of money wages. In Germany and Japan the pressure on real wage targets was the stronger factor. The oil shocks, although drastic, seem to have been less important (Table III) . The preceding arguments lend themselves to an explanation of stagflation.

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