An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture

Cross, Rod (2018) An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture. Discussion paper. University of Strathclyde, Glasgow.

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Abstract

In this paper we ask what happens in the medium-term interregnum between the domain of the short run Phillips curve and that of the long run Phillips curve. In this interregnum inflation is anticipated but has real effects on the natural rate of unemployment, according to Friedman's conjecture. We discuss the new classical and hysteresis alternatives to Friedman's conjecture, and some of the methodological issues involved in appraising the conjecture. A simple model, and some data, are employed in this task.

  • Item type:Monograph(Discussion paper)
    ID code:68467
    Dates:
    Date
    Event
    September 2018
    Published
    Notes:Published as a paper within the Discussion Papers in Economics, No. 18-14 (2018)
    Subjects:Social Sciences > Economic Theory
    Department:Strathclyde Business School > Economics
    Depositing user: Pure Administrator
    Date deposited:18 Jun 2019 13:16
    Last modified:11 Nov 2024 16:05
    URI:https://strathprints.strath.ac.uk/id/eprint/68467
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