ARE THERE ADVERSE INFLATION EFFECTS ASSOCIATED WITH NATURAL GAS DECONTROL?
作者:
MACK OTT,
JOHN A. TATOM,
期刊:
Contemporary Economic Policy
(WILEY Available online 1982)
卷期:
Volume 1,
issue 1
页码: 27-46
ISSN:1074-3529
年代: 1982
DOI:10.1111/j.1465-7287.1982.tb00751.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
The Natural Gas Policy Act (NGPA) will decontrol gas prices in 1985, and there is concern about its inflation and output effects. In this investigation of these concerns, two misapprehensions are remedied. First, inflation is primarily a monetary phenomenon so that a rise in energy prices affects the price level, but any impact on inflation is temporary. Second, while analyses of NGPA have assumed that the price of gas will achieve parity with petroleum, they have neglected decontrol's effect on OPEC's optimal price, Our estimates of the decontrol effect demonstrate that energy prices will fall, not rise
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