Hudson, John
December 1985
Economic Journal;Dec85 Supplement, Vol. 95, p148
Academic Journal
This article provides information on a study which examines people's aversion to inflation and unemployment in Great Britain. The basis of the empirical work which has been done in this area by Hibbs (1979) and Fisher and Huizinga (1982) is unveiled. Alternative specifications, involving polynomial distributed lags of inflation and unemployment, proxying their normal values declined to give consistently good results. Furthermore, the time series results suggest declining marginal disutilities of unemployment and inflation.


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