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- Title
MONETARY EXPANSION AND THE INFLATIONARY GAP.
- Authors
Warburton, Clark
- Abstract
The article presents a response of the author to comments made by some economists on his article regarding the inflationary gap. According to them the inflationary gap indicate that there is another gap of great importance that needs to be closed or bridged, the gap between economists who approach the problem of price inflation from analysis of the use of income and those who approach it from monetary theory and the analysis of monetary statistics. That gap, I believe, can be bridged by consideration of the possibility that, in the present state of statistical information, the approach from monetary theory provides a more usable over-all measure of how people adjust their expenditures to wartime changes in income than does analysis of the customary use of income. Both approaches to wartime inflation in the prices of consumers' goods and services start from the habits of individuals regarding their expenditures. Both approaches are designed to provide an estimate or forecast of the monetary value of consumers' expenditures for comparison with the estimated value available supplies at current price.
- Subjects
PRICE inflation; CUSTOMER services; PRICES; ECONOMISTS; INCOME; CONSUMPTION (Economics); MONETARY policy; ECONOMICS of war; STATISTICS; ECONOMICS
- Publication
American Economic Review, 1944, Vol 34, Issue 2, p303
- ISSN
0002-8282
- Publication type
Article