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Price and prejudice: reflections on the return of inflation and ideology* , *

Author

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  • Matías Vernengo
  • Esteban Pérez Caldentey

Abstract

The current debate on the causes of inflation is dominated by a particular view of what caused the inflationary acceleration in the 1970s, the so-called Great Inflation. In this view, inflation is always and everywhere a demand phenomenon and requires contractionary monetary policy to be kept under control. The alternative view put forward by many heterodox authors emphasize what might be termed the oligopolistic view of inflation. In this paper, we trace the limitations of both views for the center and the periphery.

Suggested Citation

  • Matías Vernengo & Esteban Pérez Caldentey, 2023. "Price and prejudice: reflections on the return of inflation and ideology* , *," Review of Keynesian Economics, Edward Elgar Publishing, vol. 11(2), pages 129-146, April.
    • Handle: RePEc:elg:rokejn:v:11:y:2023:i:2:p129-146
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    Citations

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    Cited by:

    1. Nell, Kevin, 2023. "Inflation and growth in developing economies: A tribute to Professor Thirlwall," MPRA Paper 118757, University Library of Munich, Germany, revised 01 Sep 2023.
    2. Montes Rojas Gabriel & Dvoskin Ariel & Feldman Germán, 2023. "Exchange-Rate Regime And Sectorial Profitability In A Small Open Economy: A Theoretical And Empirical Analysis Of Argentina (2016-2023)," Asociación Argentina de Economía Política: Working Papers 4673, Asociación Argentina de Economía Política.

    More about this item

    Keywords

    center–periphery; conflict inflation; corporate power; excess demand; supply-side shocks;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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