The fearsome dilemma: simultaneous inflation and unemployment

Abstract

The work looks at some of the non-monetary (or not specifically monetary) aspects of the problem of simultaneous inflation and unemployment. The author emphasises the domestic considerations and the links between domestic economics and international economics in a general-equilibrium context. Much of the analysis is inevitably couched in terms of money values, but the focus is actually on real output, real income, employment, resource allocation, and other non-monetary objectives. JEL: E32, E24

Keywords

• Inflation
• unemployment
• real output
• real income
• employment