Dealing with inflation and unemployment in Canada / W. Craig Riddell.: Z1-1983/1-41-25E-PDF

"Inflation and unemployment have been dominant policy concerns for the past two decades. They remain major challenges facing policy makers today. Over the past several years a substantial reduction in inflation has been achieved through a determined policy of demand restraint. In Canada, wage and price inflation has declined from the 10-12 percent range in 1980-81 to approximately 4 percent in 1984-85. Similar reductions have occurred in other countries. The costs of this policy have been enormous. Unemployment rates rose to levels unseen since the Great Depression of the 1930s. High interest rates and weak product market conditions forced many firms and farmers into bankruptcy. Some soul searching about the choice of policy instrument (demand restraint), if not policy objective (ending inflation), is clearly in order. But the more important issue is how best to face the challenge of dealing with inflation and unemployment in the future. The purpose of this study is to examine the main policy alternatives and to summarize the state of knowledge about their probable effectiveness."--p. 1.

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