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Why is it important?
Whether there is a trade-off between output and prices (inflation) is critical for the effectiveness of counter-cyclical monetary and fiscal policies. If there is no such a trade-off, expansionary monetary and fiscal policies could keep on pushing output and growth up without much fear of an attendant inflation. If there is such a trade-off, however, output gains through expansionary monetary and fiscal policies would also have a cost in terms of higher inflation. This paper, therefore, for the first time for India provided empirical evidence on such a trade-off in the country's industrial sector.
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This page is a summary of: Price setting in Indian industry, Journal of Development Economics, March 1986, Elsevier,
DOI: 10.1016/0304-3878(86)90021-0.
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