3. Factor Adjustment to Supply Price Shocks

Chapters in this book

1. Frontmatter i
2. Acknowledgments v
3. Contents ix
4. Introduction 1
5. 1. Elements of a Theory 16
6. 2. Production, Technology, and the Factor Price Frontier 35
7. 3. Factor Adjustment to Supply Price Shocks 59
8. 4. Savings, Investment, and Capital Flows 70
9. 5. Stagflation and Short-Run Adjustment 88
10. 6. Macroeconomic Adjustment and Policy Coordination in a Global Setting 109
11. 7. Simulation Models 133
12. 8. Empirical Overview of Stagflation in the OECD 154
13. 9. Real Wages and Unemployment 178
14. 10. Price and Output Dynamics in Eight Economies 198
15. 11. Labor Markets and Comparative Macroeconomic Performance 217
16. 12. Supply Shocks, Demand Response, and the Productivity Puzzle 248
17. 13. Lessons for Theory and Policy 273
18. Notes. Bibliography. Index 281