Nine views of the Phillips curve: Eight authentic and one inauthentic

James Forder

No 724, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: There is a widely believed but entirely mythical story to the effect that the discovery of 'the Phillips curve' was, in the 1960s and perhaps later, an inspiration to inflationist policy. The point that this is a myth is argued in Forder, Macroeconomics and the Phillips curve myth, OUP 2014. One aspect of the explanation of how that myth came to be widely believed is considered in this paper. It is noted that the expression 'Phillips curve' was applied in a number of quite distinct and inconsistent ways, and as a result there was, by about 1980, an enormous confusion as to what that label meant. This confusion, as well as the multiplicity of possible meanings, it is suggested, made the acceptance of the myth much easier, and is therefore part, although only part, of the story of its acceptance.

Keywords: Phillips curve; expectations; Phillips curve myth (search for similar items in EconPapers)
JEL-codes: B22 B29 (search for similar items in EconPapers)
Date: 2014-09-18
New Economics Papers: this item is included in nep-his and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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