Short-term Models and Long-term Problems

Alan Budd and Sean Holly

Chapter 12 in Demand, Equilibrium and Trade, 1984, pp 213-235 from Palgrave Macmillan

Abstract: Abstract Consider an economy of which the following statements are true: 1. Between 1955 and 1960 the average rate of unemployment was 1.2 per cent. Between 1975 and 1980 it was 5.5 per cent. 2. Between 1955 and 1960 the average annual rate of inflation was 3 per cent. Between 1975 and 1980 it was 16 per cent. 3. In 1960 the ratio of manufacturing output to GDP was 35 per cent. In 1980 it was 25 per cent. 4. In 1960 the ratio of imports to GDP was 25 per cent. In 1980 it was 30 per cent. 5. Between 1955 and 1960 the average annual growth of GDP was 2.6 per cent. Between 1975 and 1980 it was 1.1 per cent.

Keywords: Exchange Rate; Real Wage; Trade Balance; Excess Demand; Trade Sector (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-06358-1_12

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