macroeconomics_and_the_phillips_curve_myth
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macroeconomics_and_the_phillips_curve_myth [2018/07/25 22:05] dan [The beginnings of the Phillips curve myth; textbooks and surveys; and routinization] |
macroeconomics_and_the_phillips_curve_myth [2019/11/08 10:39] (current) |
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| - Friedman challenged his peers to provide a sturdy theoretical model of cost-push inflation -- critical to much of the foregoing work -- and nobody did. | - Friedman challenged his peers to provide a sturdy theoretical model of cost-push inflation -- critical to much of the foregoing work -- and nobody did. | ||
| - The expectations argument was refuted again and again in subsequent econometric work, but the authors "all allow the econometrics to speak for itself in showing Friedman to be wrong, giving no explanation of what economic behaviour might underlie such a result." | - The expectations argument was refuted again and again in subsequent econometric work, but the authors "all allow the econometrics to speak for itself in showing Friedman to be wrong, giving no explanation of what economic behaviour might underlie such a result." | ||
| - | - In presenting his thesis, Friedman (1968) simply assumes that the economy is at the natural rate of unemployment, | + | - In presenting his thesis, Friedman (1968) simply assumes that the economy is at the natural rate of unemployment, |
| ===== The circumstances in which the myth developed ===== | ===== The circumstances in which the myth developed ===== | ||
macroeconomics_and_the_phillips_curve_myth.txt · Last modified: 2019/11/08 10:39 (external edit)
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