Inflation and Macroeconomics in the US during the Golden Age

Guilherme Spinato Morlin

HISTORY OF ECONOMIC THOUGHT AND POLICY, 2021, vol. 10, issue 1, 107-130

Abstract: This paper reviews interpretations of the moderate inflation observed in the US during the 1950s and early 1960s. In this period, moderate and persistent inflation disconcerted economists and challenged policymakers. The opposition between demand-pull and cost-push views stimulated different interpretations, as sectorial demand-shift inflation theory and the modified Phillips curve. As policy targeted growth and employment, incomes policy was applied to contain inflation. The pa-per provides an overview of explanations to the moderate inflationary process in light of the historical events of the Golden Age of capitalism.

JEL-codes: B22 E31 N12 (search for similar items in EconPapers)
Date: 2021
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