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A Textbook on Macroeconomic wisdom and research
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Extra info for Macroeconomic theory: a textbook on macroeconomic knowledge and analysis
Usually, the price of the good or service is fixed in practice for a certain length of time. The decision to change it is normally made by the producer or the seller, sometimes by public authorities. It is therefore useful to understand the motives for changes in prices, and the factors which determine amounts of those changes. The usual reason put forward to justify a rise in prices and to explain the exact amount stems from an increase in costs: the manufacturing and transportation costs for a producer, the purchase price and the cost of distribution for the seller.
It is true that if, from some time on, the growth rate of the money supply is sharply lowered and then maintained constant for a long period, the growth rate of the value of production must in the long run fall and approach a value close to that of the money supply. But this does not imply that the initial proportion between the money supply and the price level is then re-established. In the notation of Chapter 5, Part 6, this proportion was denoted by μ. Now, not only does the liquidity ratio μ change with the rate of inflation, but output can be significantly affected by economic developments in the intermediate period and by the final changes in variables such as the real interest rate and the rate of taxation1 .
Neglecting the temporal dimension of economic phenomena, it ignores important aspects of reality: past evolution matters, not only because of assets and liabilities accumulated by households and firms, but also because of the trends in changes experienced by various magnitudes, trends to which behaviour have adapted; expectations may depend on how current equalization between supplies and demands is being brought about; shortterm macroeconomic policy will have effects spreading over several quarters of year and even years, beyond the intended horizon.