Inflation in Open Economies

adjustment aggregate analysis argues Australia average award wages balance of payments behaviour bottleneck cent coefficient currency deficit determined devaluation dollar domestic credit domestic prices effects equilibrium estimated excess demand exogenous expectations explained export prices fixed exchange rate foreign exchange market H.M. Treasury high-powered money hypothesis IMF system implies import incomes policies increase industrial inflation rate inflationary pressures international liquidity labour market Laidler LDCs log IPT ment monetarist monetary expansion monetary policies money multiplier OECD open economy parameters Parkin period Phillips curve price equations price index price level problem production rate of change rate of growth rate of inflation rate of monetary relationship relative price rise sector stable strike activity structural structuralist tion trade union trend unemployment union militancy variables wage equation wage inflation world economy world inflation world money supply world rate