Another possible macroeconomic effect of cost growth containment is a short-run impact on unemployment and employment.

WHITEHOUSE: CEA -- Chair's Remarks -- 06082009

Perhaps surprisingly, there is little work on the macroeconomic effect of all the extra women who have entered the labour force over the past four decades, but McKinsey reckons that America's GDP is now about 25% higher than it would have been without them.

ECONOMIST: Closing the gap

The authors use three different macroeconomic models to simulate the effect of central banks' responding to asset-price movements as well as inflation.

ECONOMIST: Central banks, all a-quiver | The

It is hard to dispute Mr King's basic macroeconomic instincts that the effect emerging economies are having on the world economy is considerable and is easily underestimated by policymakers.

ECONOMIST: A view from an economist at HSBC