Conflicting Claims and Inflation in the Post-World War II US Economy

Richard Burdekin and Paul Burkett
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Paul Burkett: Indiana State University

Chapter 7 in Distributional Conflict and Inflation, 1996, pp 141-161 from Palgrave Macmillan

Abstract: Abstract This chapter develops and estimates a model of conflict inflation using quarterly data for the US economy for the 1956–85 period. There have been no previous attempts to rigorously estimate a full-scale model of conflict inflation – that is, a model incorporating the factors underpinning the growth of aggregate income claims, as well as the monetary validation of competing income claims and the associated price level linkages posited under the conflict approach (see Chapter 1). This may in part reflect the anecdotal nature of many sociological and political-economic analyses of conflict inflation, which has made it difficult to locate these analyses in a testable framework. The seminal empirical work on conflict inflation in the US economy is that of Rosenberg and Weisskopf (1981), whose analysis is restricted to an accounting framework for delineating growth of income available and growth of income claims in the post-war US economy.

Keywords: Consumer Price Index; Monetary Authority; Money Growth; Monetary Base; Producer Price Index (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37173-6_8

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DOI: 10.1057/9780230371736_8

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