They consider inflation's principal determinants to be the gap between aggregate supply and demand and the public's expectations.
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The problem in the Keynesian prescription is not a shortage of aggregate demand, but surprisingly a shortage of aggregate supply.
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Or the stock of money has risen, while aggregate supply remains idle.
Banks have a strong incentive to lend some of the money deposited with them, so expanding the aggregate supply of money and credit.
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All the US consumer has seen is large additions to the stock of money without any addition to the aggregate supply of needed consumer goods.
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The problem is in the creation of commensurate salable aggregate supply.
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Aggregate supply has not increased, whilst aggregate demand has.
It is found in the aggregate supply curve.
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Euro TMS, which represents our preferred Austrian inspired money supply aggregate, posted a year-over-year rate of growth of 6.3% in December.
TMS2, which represents our broadest and preferred US money supply aggregate, posted a year-over-year rate of growth of 9.6% in January.
TMS2, which represents our broadest and preferred US money supply aggregate, posted a year-over-year rate of growth of 10.1% in January.
They assign less importance to the gap between aggregate demand and supply in determining inflation, and more importance to the stance of monetary policy.
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Euro TMS, which represents our preferred Austrian inspired money supply aggregate, posted a year-over-year rate of growth of 6.3% in January, down slightly from the recent high of 6.5% seen in November 2012.
When coupled with progress in the housing industry and resilient consumer demand these are key elements in shaping the profile of aggregate demand and supply in the US as well as pinpointing the improved efficiency in the allocation of resources.
Perhaps the best way to determine China's impact on world inflation is to gauge whether its net impact is to increase aggregate global demand or supply.
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Further, the recent experience has tended to be that non-OPEC supply has a tendency to disappoint in aggregate, even with strong U.S. growth in hydrocarbons.
They look at aggregate statistics inflation, unemployment, the money supply and figure out what the numbers mean for particular industries, such as autos or tech.
But, while employment growth needs adequate aggregate demand growth to spur the demand for labor, the supply of labor is also important.
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