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- Built-in_inflation abstract "Built-in inflation is a type of inflation that results from past events and persists in the present. Built-in inflation is one of three major determinants of the current inflation rate. In Robert J. Gordon's triangle model of inflation, the current inflation rate equals the sum of demand-pull inflation, cost-push inflation, and built-in inflation. "Demand-pull inflation" refers to the effects of falling unemployment rates (rising real gross domestic product) in the Phillips curve model, while the other two factors lead to shifts in the Phillips curve.The built-in inflation originates from either persistent demand-pull or large cost-push (supply-shock) inflation in the past. It then becomes a "normal" aspect of the economy, via inflationary expectations and the price/wage spiral.Inflationary expectations play a role because if workers and employers expect inflation to persist in the future, they will increase their (nominal) wages and prices now. (See real vs. nominal in economics.) This means that inflation happens now simply because of subjective views about what may happen in the future. Of course, following the generally accepted theory of adaptive expectations, such inflationary expectations arise because of persistent past experience with inflation.The price/wage spiral refers to the adversarial nature of the wage bargain in modern capitalism. (It is part of the conflict theory of inflation, referring to the objective side of the inflationary process.) Workers and employers usually do not get together to agree on the value of real wages. Instead, workers attempt to protect their real wages (or to attain a target real wage) by pushing for higher money (or nominal) wages. Thus, if they expect price inflation - or have experienced price inflation in the past - they push for higher money wages. If they are successful, this raises the costs faced by their employers. To protect the real value of their profits (or to attain a target profit rate or rate of return on investment), employers then pass the higher costs on to consumers in the form of higher prices. This encourages workers to push for higher money wages.In the end, built-in inflation involves a vicious circle of both subjective and objective elements, so that inflation encourages inflation to persist. It means that the standard methods of fighting inflation using monetary policy or fiscal policy to induce a recession are extremely expensive, i.e. they can cause large rises in unemployment and large falls in real gross domestic product. This suggests that alternative methods such as wage and price controls (incomes policies) may also be needed in the fight against inflation.".
- Built-in_inflation wikiPageID "717502".
- Built-in_inflation wikiPageLength "2925".
- Built-in_inflation wikiPageOutDegree "19".
- Built-in_inflation wikiPageRevisionID "591522229".
- Built-in_inflation wikiPageWikiLink Adaptive_expectations.
- Built-in_inflation wikiPageWikiLink Category:Inflation.
- Built-in_inflation wikiPageWikiLink Category:Macroeconomics.
- Built-in_inflation wikiPageWikiLink Conflict_theory_of_inflation.
- Built-in_inflation wikiPageWikiLink Cost-push_inflation.
- Built-in_inflation wikiPageWikiLink Demand-pull_inflation.
- Built-in_inflation wikiPageWikiLink Fiscal_policy.
- Built-in_inflation wikiPageWikiLink Gross_domestic_product.
- Built-in_inflation wikiPageWikiLink Incomes_policies.
- Built-in_inflation wikiPageWikiLink Incomes_policy.
- Built-in_inflation wikiPageWikiLink Inflation.
- Built-in_inflation wikiPageWikiLink Monetary_policy.
- Built-in_inflation wikiPageWikiLink Phillips_curve.
- Built-in_inflation wikiPageWikiLink wage_spiral.
- Built-in_inflation wikiPageWikiLink Real_versus_nominal_value_(economics).
- Built-in_inflation wikiPageWikiLink Real_vs._nominal_in_economics.
- Built-in_inflation wikiPageWikiLink Recession.
- Built-in_inflation wikiPageWikiLink Robert_J._Gordon.
- Built-in_inflation wikiPageWikiLink Triangle_model.
- Built-in_inflation wikiPageWikiLinkText "Built-in inflation".
- Built-in_inflation wikiPageWikiLinkText "built-in inflation".
- Built-in_inflation wikiPageWikiLinkText "inflationary expectations".
- Built-in_inflation hasPhotoCollection Built-in_inflation.
- Built-in_inflation wikiPageUsesTemplate Template:Unreferenced.
- Built-in_inflation subject Category:Inflation.
- Built-in_inflation subject Category:Macroeconomics.
- Built-in_inflation hypernym Inflation.
- Built-in_inflation type Article.
- Built-in_inflation type Article.
- Built-in_inflation type Indicator.
- Built-in_inflation comment "Built-in inflation is a type of inflation that results from past events and persists in the present. Built-in inflation is one of three major determinants of the current inflation rate. In Robert J. Gordon's triangle model of inflation, the current inflation rate equals the sum of demand-pull inflation, cost-push inflation, and built-in inflation.".
- Built-in_inflation label "Built-in inflation".
- Built-in_inflation sameAs Inflación_estructural.
- Built-in_inflation sameAs m.035d8z.
- Built-in_inflation sameAs Q4986665.
- Built-in_inflation sameAs Q4986665.
- Built-in_inflation wasDerivedFrom Built-in_inflation?oldid=591522229.
- Built-in_inflation isPrimaryTopicOf Built-in_inflation.