From the Stagflation to the Great Inflation: Explaining the US economy of the 1970s (notice n° 837133)
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| fixed length control field | 03139cam a2200253 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123140953.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Goutsmedt, Aurélien |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | From the Stagflation to the Great Inflation: Explaining the US economy of the 1970s |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2021.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 66 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Cet article propose une histoire de l’évolution des explications de la stagflation états-uniennes des années 1970, de 1975 à 2013. Mariant méthodes qualitatives et quantitatives, 1) j’observe les différents types d’explications coexistant à la même période ; 2) j’identifie quel type d’explications était dominant pour chaque période ; et 3) j’identifie les principales sources d’inspiration pour chaque type d’explication. Dans les années 1970 et 1980, les chocs d’offre et l’inertie de l’inflation sont fondamentaux pour expliquer la stagflation. Mais l’intérêt pour ce sujet disparaît peu à peu après 1985. C’est une nouvelle littérature qui émerge dans les années 1990, sans référence ou presque aux explications des années 1970 et 1980, et se focalisant sur le rôle joué par la politique monétaire durant la période pour expliquer l’augmentation de l’inflation. Les contributions des nouveaux classiques comme Lucas [1976] ou Kydland et Prescott [1977], qui étaient ignorées dans les explications des années 1970 et 1980, deviennent des références majeures pour rendre compte de la stagflation à partir des années 1990. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This article proposes a history of the evolution of macroeconomists’ explanations of the 1970s US stagflation, from 1975 to 2013. Using qualitative and quantitative methods, 1) I observe the different types of explanations coexisting at different periods; 2) I assess which was the dominant type of explanations for each period; and 3) I identify the main sources of influence for the different types of explanations. In the late 1970s and early 1980s, supply-shocks and inflation inertia were fundamental concepts to explain stagflation. The interest for this topic progressively vanished after 1985. In the 1990s, it was a totally new literature that emerged almost without any reference to past explanations. This literature focused on the role played by monetary policy in the late 1960s and the 1970s to account for the rise of inflation. New Classical economists’ contributions, like Lucas [1976] or Kydland and Prescott [1977], which were ignored by stagflation explanations in the 1970s/1980s, became major references to account for the 1970s stagflation in the 1990s. JEL codes: B22, E31, E50 |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Histoire de la macroéconomie |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Stagflation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Nouvelle Économie Classique |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Great Inflation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | History of macroeconomics |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Stagflation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | New Classical Economics |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d'économie politique | 131 | 3 | 2021-07-06 | p. 557-582 | 0373-2630 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-d-economie-politique-2021-3-page-557?lang=en&redirect-ssocas=7080">https://shs.cairn.info/revue-d-economie-politique-2021-3-page-557?lang=en&redirect-ssocas=7080</a> |
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