Hey,
One of my profs is trying to claim that the 1970s stagflation was due to cost-push (oil shocks) instead of demand pull (too much AD caused by excessive money printing). Does anyone here have any evidence that shows otherwise?
I think the standard Hayekian view is monetary. These might help
http://blog.mises.org/archives/005730.asp
http://reason.com/blog/2008/11/25/hayek-in-the-stagflation-days