Annual report of the Secretary of the Treasury on the state of the finances for the year .. . nverted basis in order to provide an easier visualcomparison with the inflation rate. Panel 2: These budget data are the same as in panel 1 except that the surpluses anddeficits have hpen adhisted by the Federal Reserve Bank of St. Lniils to a fiill-emplovmentbasis by standardizing the figures to a constant 4-percent unemployment rate. The bars areplotted—for the purpose of better displaying the relationship between the budget andinflation—as deviations from the average surplus for 1948-73 of perc
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . nverted basis in order to provide an easier visualcomparison with the inflation rate. Panel 2: These budget data are the same as in panel 1 except that the surpluses anddeficits have hpen adhisted by the Federal Reserve Bank of St. Lniils to a fiill-emplovmentbasis by standardizing the figures to a constant 4-percent unemployment rate. The bars areplotted—for the purpose of better displaying the relationship between the budget andinflation—as deviations from the average surplus for 1948-73 of percent of GNP.(Panel 1 was not plotted this way because the average was virtually equal to zero.) Panel S: Inflation is represented here by percent changes in the GNP deflator from theprevious year. In effect, therefore, the inflation measure is charted with a 6-month lagcompared to the budget data in panels 1 and 2. The bars are plotted as deviations fromthe 1949-74 average price increase of percent. Source of data : Department of Commerce. EXHIBITS THE BUDGET AND INFLATION 303. 48 50 52 54 56 58 60 62 64 66 68 70 72 NIA Budget Position, Full Employment Basis Q. -2 r 01+ Q. +2 +4 Deficit
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Keywords: ., bookcentu, bookdecade1870, booksubjectfinancepublic, bookyear1876
