An appraisal of Friedman's positively sloped Phillips Curve conjecture

Rod Cross

No 1814, Working Papers from University of Strathclyde Business School, Department of Economics

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 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.

Keywords: Friedman; Nobel Prize Address; Phillips Curves; Short Run; Medium Run; Long Run. (search for similar items in EconPapers)
JEL-codes: B22 E30 E31 N10 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2018-09
New Economics Papers: this item is included in nep-his, nep-hpe and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:str:wpaper:1814

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