A Neglected Inconsistency in Milton Friedman's AEA Presidential Address

James Forder

No 723, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: Friedman (1968) - hisfamous Presidential Address to the American Economic Association - contains an elementary error right at the heart of what is usually supposed to be the paper's crucial argument. That is the argument to the effect that during an inflation, changing expectations shift in Phillips curve. It is suggested that the fact of this mistake, and of its having gone all-but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014) Macroeconomics and the Phillips curve myth, are suggested.

Keywords: Phillips; Friedman; Expectations (search for similar items in EconPapers)
JEL-codes: B22 E31 (search for similar items in EconPapers)
Date: 2014-09-17
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-mon
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Journal Article: A NEGLECTED INCONSISTENCY IN MILTON FRIEDMAN’S AEA PRESIDENTIAL ADDRESS (2016)
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