By J. O. N. Perkins
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Extra info for Unemployment, Inflation and New Macroeconomic Policy
Sample text
To some extent this is because (at least in the short run) not all lenders adjust their asset holdings to allow for the higher rate of inflation (perhaps partly because they may not expect that it will last), and borrowers do not want to commit themselves to paying higher nominal rates in case the rate of inflation comes down during the period of the loan. But probably more important is the reluctance of governments to allow those rates of interest that they influence or control to keep up with the most reasonable estimate of the prevailing rate of inflation.
4 The price level of marketable goods and services will therefore be higher in the former case - unless people decide to purchase correspondingly less by way of marketable goods and services simply because the government is producing more of them. They may, for example, purchase less by way of privately provided education services if the government provides them with free education; and if this occurs to a fully offsetting extent the larger size of the government sector would presumably not exert upward pressure on the price of education.
2 per cent). 2 per cent. 1) in order to provide a yield of 1 per cent in real terms. 2 per cent. In order to assess the effect of rising tax rates on interest - and so of rising proportions of interest-earners entering income groups where higher rates of tax are payable - take the case of a 10 per cent rate of inflation, and compare the effect of a 50 per cent income-tax rate (just considered) with one of 60 per cent. As we have seen, a 20 per cent pre-tax rate of return would have been needed in order to maintain capital intact in reai terms when income tax was 50 per cent.