By A. J. Hagger (auth.)

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3 Survey of Inflation Models: Mark-Up Models Having set out a prototype Keynesian model we tum now to the second of our four groups of inflation models. To these we have given the label 'mark-up models', and it may be helpful to begin by explaining the significance of this label. Models o/the Inflationary Process in Developed Economies 27 In the developed-market economies to which the theoretical material presented in this chapter relates (see p. 23), prices of individual commodities can be divided into two broad groups: (i) prices which are fIxed impersonally on an auctionmarket basis; (ii) prices which are fIxed as a result of some administrative decision.

This is a difficult and important question and we must investigate it closely. The first point to note is that, in building his model, the economist will have made no attempt to be 'realistic' in the sense of specifying a set of relationships which conforms in all respects to what is known about the real world. On the contrary, he will have dehberately departed from reality; his aim will have been to capture in his relationships what, in his judgement, is the essence of the real situation and to exclude the rest.

8), there is a positive 38 Inflation: Theory and Policy w / Phillips curve corresponding to p' = 0, that isg(u) 1 I u Fig. 2 change (an increase) in pe. Since pe was previously zero this amounts to saying that pe now becomes positive. 10) we see that, with pe positive, the Phillips curve will move to the right of its position in the initial situation where pe = O. 9) p must remain positive. Moreover, p must be more positive (the rate of increase of the price index must be higher) after the increase in pe than before because of the rightward shift of the Phillips curve produced by the increase in pe.

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