Other Times, Other Places: Macroeconomic Lessons from U.S. and European History

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Other Times, Other Places: Macroeconomic Lessons from U.S. and European History

By Charles L. Schultze
Brookings, 1986
88 pp. $15.95
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Hard digging and careful calculation mark these three Okun Lectures' inquiry into some of the elements of "inertial inflation," the supposed stickiness of real wages in Europe, and the reasons the American economy has fluctuated less since World War II than it did before 1914. Mr. Schultze's long experience in matters of macroeconomic policy lends particular interest to his comment on the importance of "relationships about which we currently know far too little," including "the determinants of real exchange rates." The conclusions of this valuable work are important for policy, but the demonstrations are for economists.

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