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The Rise and Fall of Stagflation: Preliminary Results

Author

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  • James Devine

    (Economics Department, Loyola Marymount University, Los Angeles CA 99046-8410 jdevine@lmumail.lmu.edu)

Abstract

This paper explains the rise and fall of stagflation between 1960 and 1998 in terms of the fall and rise of the cyclically-corrected profit rate as part of a preliminary investigation. Not only is the theory presented and compared to mainstream visions of the Natural Rate of Unemployment, but empirical evidence for my thesis is marshaled.

Suggested Citation

  • James Devine, 2000. "The Rise and Fall of Stagflation: Preliminary Results," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(3), pages 398-407, September.
    • Handle: RePEc:sae:reorpe:v:32:y:2000:i:3:p:398-407
    DOI: 10.1177/048661340003200305
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    References listed on IDEAS

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    1. Richard C. K. Burdekin & Paul Burkett, 1996. "Distributional Conflict and Inflation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37173-6.
    2. Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
    3. Joseph Stiglitz, 1997. "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 3-10, Winter.
    4. Flint Brayton & John M. Roberts & John C. Williams, 1999. "What's happened to the Phillips curve?," Finance and Economics Discussion Series 1999-49, Board of Governors of the Federal Reserve System (U.S.).
    5. Carlin, Wendy & Soskice, David, 1990. "Macroeconomics and the Wage Bargain: A Modern Approach to Employment, Inflation, and the Exchange Rate," OUP Catalogue, Oxford University Press, number 9780198772446.
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