By J. O. N. Perkins
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Additional resources for Unemployment, Inflation and New Macroeconomic Policy
Sample text
Any forms of assistance to agriculture (such as the system of price-supports operated by the EEC) that operate by raising the price of foodstuffs to the consumer resemble an indirect tax, a reduction in which would have a marked effect in holding down indexes· of retail prices, and so on household budgets. These effects may be expected to have an indirect impact in restraining money wage increases, mainly just after any consequent change has occurred in the indexes of consumer prices. Cuts in taxes on the employment of labour (such as payroll taxes and employers' contributions to national insurance or social services), or taxes on business inputs such as petrol, may be expected to have some immediate impact so far as prices react to falls in costs, and some in the longer run- when businesses that are to some greater or lesser extent price-makers (rather than price-takers) revise their prices upwards.
Conclusion on monetary policy The main implication of the foregoing paragraphs is that the choice of a mix with a relatively expansionary monetary policy will exert an upward effect 40 Unemployment, Inflation arul New Macroeconomic Policy on prices, compared with one in which monetary policy is tighter and real interest rates are therefore higher. This means that a shift in the direction of a mix with tighter monetary policy will tend to have some downward effect on prices (compared with what they would otherwise have been); and that a policy that holds up unemployment whilst trying to reduce interest rates by monetary measures is likely to have less downward impact on the rise in prices over the period than one that operates with a tight monetary policy (and a correspondingly more expansionary budgetary policy).
It might also have tended to cause further rises in the real price of oil if it reduced the return available to oil producers on the financial (and real) assets that they purchased with the proceeds of their oil exports. Conclusion on monetary policy The main implication of the foregoing paragraphs is that the choice of a mix with a relatively expansionary monetary policy will exert an upward effect 40 Unemployment, Inflation arul New Macroeconomic Policy on prices, compared with one in which monetary policy is tighter and real interest rates are therefore higher.