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One particular idea about the history of macroeconomics seems to be almost universally accepted. Then, supposedly, Phelps and particularly Friedman pointed out that on-going inflation would be recognized as such by wage bargainers, so that when it became expected the Phillips curve would shift upwards and there could be no long-run tradeoff. Sometimes it is said or implied that this idea caused a great debate, but in any case, in the end mainstream opinion accepted it. It is a remarkable story. First of all, it tells of two revolutions in thinking in just about a decade.
More titles may be available to you. Sign in to see the full collection. This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading.
A review of James Forder, "Macroeconomics and the. Phillips Curve Myth". CHOPE Working Paper, No. Provided in Cooperation with: Center for the.
The Phillips curve is a single-equation economic model , named after William Phillips , describing an inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy. Stated simply, decreased unemployment, i. Samuelson and Solow made the connection explicit and subsequently Milton Friedman  and Edmund Phelps   put the theoretical structure in place. In so doing, Friedman was to successfully predict the imminent collapse of Phillips' a-theoretic correlation.
Oxford: Oxford University Press, ISBN For a PDF version click here. In , Bill Phillips published a paper, about an apparently long and well established relationship between wage inflation and unemployment in the UK, which immediately attracted wide attention.
The story of the history of the Phillips curve up to the s is reconsidered. It is argued that none of the principal components of conventional stories is correct. Phillips did not discover the negative relation of wage change or inflation and unemployment—that was well known long before him, and better analysed by several of his contemporaries. Almost none of the econometrics of the s concerned exploration or refinement of the relation, and practically no one from that period saw the Phillips cu Almost none of the econometrics of the s concerned exploration or refinement of the relation, and practically no one from that period saw the Phillips curve or any similar relation as offering an inflation-unemployment tradeoff.
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This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A W H Phillips, after whom it.Seifragursous1998 19.04.2021 at 18:33
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