A Neoclassical Theory of Stagflation
在新古典货币增长框架下，假设所有市场持续均衡，构建了一个同时产生非自愿失业和通胀的模型，并分析了扩张性货币政策如何导致过渡性滞胀。
Assuming a neoclassical money and growth environment where all markets are continuously in equilibrium, a model is presented that reproduces involuntary unemployment and inflation. The neoclassical, full employment, labor market is reformulated as a contract market in which unions negotiate a nominal wage increase, while firms determine the rate of hiring. Time paths of the price level and employment ratio are generated, taking into account the effects of capital accumulation on productivity. Under the particular inflationary expectations hypothesis of the model, an expansionary monetary policy causes transitional stagflation. An incomes policy for moderating unemployment is considered.