The Inflationary Mechanism in the U.K. Economy
指出英国通胀无法简单归因于货币主义或凯恩斯框架，而是更复杂的过程，强调固定与浮动汇率下通胀机制的区别，并认为价格和工资刚性在进口通胀及货币调整中起重要作用。
Perhaps one might be forgiven for supposing that, after thirty years of continuing inflation in the United Kingdom, a clear consensus would have emerged among economists, politicians, and men of business as to the causes of that inflation and the steps necessary for its cure. Unfortunately, this is not the case, although the disagreements are often exaggerated for political purposes and the arguments polarized in the sharpness of academic debate. The latest trend in the United Kingdom is to divide the participants into Keynesians and to do battle like mediaeval knights jousting at the tournament. The explanation of prevailing disagreements is in itself complex. It is partly ascribable to the usual difficulties of adequately testing alternative hypotheses against limited sets of time-series data when it is not always possible to reject particular hypotheses against the statistical facts. It must also be said that differences arise that are not so much closely allied to analytical arguments, but which reflect the taste or persuasion of individuals with regard to prescriptions for policy. It is not unknown for positions to be rationalized by subsequent analysis rather than the logical development proceeding in the opposite direction.' In this paper, we argue that the inflationary process in the U.K. economy cannot be simply fitted into either a so-called monetary or a Keynesian framework. The process is a more complicated one that cannot be described simply in terms of the behavior of the money supply on the one hand or the behavior of organized labor on the other. In agreement with the monetarists, it is important to differentiate between the inflationary process under fixed and floating exchange rate regimes, while in opposition to them, we assign a more important role to price and wage inflexibilities in the analysis of imported inflation and the process of adjustment to monetary change.