“If unemployment could be brought down to say 2 percent at the cost of an assured steady rate of inflation of 10 percent per year, or even 20 percent, this would be a good bargain.” IfsYearsWould BeCostPercentRateSteadyUnemploymentAssuredInflationBargains Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey
“The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.” SidesInterestEffectsPolicyCostPressureRateMonetaryInterest RateSide EffectsMonetary Policy Author:William Vickrey
