The "place of the Phillips curve" in macroeconometric models: The case of the first Federal Reserve Board's model (1966-1980s)

Antonella Rancan

Economics & Statistics Discussion Papers from University of Molise, Department of Economics

Abstract: In the article I examine how model builders from academia and from the Federal Reserve Board confronted the Phillips curve in the construction and subsequent modifications of the Federal Reserve, MIT and University of Pennsylvania macroeconometric model. It is argued that academic debates on Friedman's and Phelps' accelerationist hypothesis, and the evolution of the macroeconomics discipline, did not affect the model building agenda at the Division of Research and Statistics of the Board over the 1970s and 1980s.

Keywords: Phillips curve; Natural rate hypothesis; Federal Reserve-MIT-University of Pennsylvania model (search for similar items in EconPapers)
JEL-codes: B22 B23 E12 (search for similar items in EconPapers)
Pages: 31
Date: 2022-03-29
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
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Related works:
Working Paper: The “Place Of The Phillips Curve” in Macroeconometric Models: The Case of the First Federal Reserve Board’s Model (1966-1980s) (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:mol:ecsdps:esdp22080

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