Economics of worldwide stagflation
Economics of worldwide stagflation
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DOI：
10.2307/2233138
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发表时间：
1986-05
期刊：
影响因子：
--
通讯作者：
M. Bruno;J. Sachs
中科院分区：
文献类型：
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作者：
M. Bruno;J. Sachs
本书对滞胀进行了理论和比较实证分析，滞胀是过去15年来困扰发达工业国家的高失业率、低增长率和高通货膨胀的奇特组合。作者首先构建了一个小型的宏观经济模型，该模型在确定产出、就业和价格水平时充分考虑了单一经济和多经济环境下的总需求和总供给。然后，他们应用该模型来了解工业国家在失业、通货膨胀、生产率和投资增长方面的比较表现。他们令人信服地指出，这一时期主要经济体的衰退是1970年代供应冲击的结果，如欧佩克两次大的石油价格上涨，以及随后为应对通货膨胀压力而导致的政策性需求减少。他们的分析与类似的研究明显不同，因为它具体考虑了不同经济体劳动力市场的制度差异。这尤其有助于解释美国和欧洲不同的调整模式。布鲁诺和萨克斯提出了几项关键建议，即需求管理和收入政策的组合，这些政策是对抗个别国家滞胀所必需的，也是主要工业国家之间宏观经济政策的协调所必需的。
This book sets forth both a theory and a comparative empirical analysis of stagflation, that peculiar combination of high unemployment, slow growth, and spurts of high inflation bedeviling the advanced industrial nations during the past fifteen years. The authors first construct a small macroeconomic model that takes full account of aggregate demand and supply forces in the determination of output, employment, and the price level, in both a single-economy and a multi-economy setting. They then apply the model to provide an understanding of comparative performance of industrial countries in the areas of unemployment, inflation, productivity, and investment growth. They argue convincingly that the decay of the major economies during this period resulted from the supply shocks of the 1970s, such as the two major OPEC oil-price increases, and from the consequent policy-induced decrease in demand in response to inflationary pressures. Their analysis differs markedly from similar studies in that it takes specific account of institutional differences in the labor markets of the various economies. This helps to explain in particular the divergent adjustment profiles of the United States and Europe. Bruno and Sachs make several key recommendations for the mix of demand management and incomes policies necessary to combat stagflation in individual countries as well as for the coordination of macroeconomic policies among the major industrial nations.