By A. J. Hagger (auth.)
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Extra resources for Inflation: Theory and Policy
6) will generate an inflationary process. 2. In the case of set 1, the 'shock' which initiates the inflationary process is a step decrease in the index of output per man in the mark-up sector. ) In the case of set 2, the shock is a step increase in the index of mark-up factors. Finally in the case of set 3, the shock is a one-period decrease in the unemployment percentage. 4 Survey of Inflation Models: Expectational Models Our prototype expectational model is a fairly straightforward extension of the mark-up model discussed in the preceding section.
T Alternatively, lOOx is tFrom the above expression we have: price - unit cost = x x unit cost Therefore, x= price - unit cost unit cost Inflation: Theory and Policy 28 called the percentage profit margin since it is the profit margin expressed as a percentage of unit cost. For example, if x is 1/10 the price-maker in question would be said to be operating with a profit margin of 10 per cent (100x = 100 x 1/10 = 10). Starting from this relationship between price and unit cost, the framer of a mark-up model proceeds, step by step, towards a 'price equation' for the 'mark-up sector' of the economy as a whole, this being the sector in which mark-up pricing, as defmed above, applies.
The first, second and fourth relationships of the above prototype monetarist model require no more than a brief comment. T. function with all determining variables apart 42 Inflation: Theory and Policy from real National Income suppressed (the idea is that under normal inflationary conditions, Y will be the dominant influence on MIP) and with the functionfgiven a specific form. 16) postulates that the desired level of nominal money balances adjusts instantaneously to exogenous changes in the actual level.