UK budget, Israel

Brad DeLong delong at econ.Berkeley.EDU
Wed Apr 24 12:23:04 PDT 2002



>The same reaction I felt when he said that Allie G was truly wedded
>to the idea of low unemployment.

Well, Alan G. does like low unemployment. But he likes low inflation more. And he is convinced that any reduction in unemployment he could achieve next year by goosing the economy into higher inflation is fully offset--or more than fully offset--by extra unemployment produced by stagflation half a decade or a decade down the road...

Brad DeLong



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