The Rise of the Natural-Rate of Unemployment Model

Robert Leeson

Chapter 4 in The Eclipse of Keynesianism, 2000, pp 73-90 from Palgrave Macmillan

Abstract: Abstract With respect to political mythology, the Northern spring of 1968 is chiefly remembered (like its forerunner of 1848) as a ‘springtime’ of youthful and hirsute left-revolutionary fervour. This revolutionary wave could plausibly include a US President among its victims, broken by the weight of office.1 In contrast to all this tragedy and melodrama, with respect to influence over economic policy and all that flows from that, the most revolutionary call to arms of that time was Milton Friedman’s American Economic Association (AEA) Presidential Address. Neither youthful nor hirsute, he was an advocate of floating exchange rates, monetary targeting, low if not zero inflation, the abandonment of fine tuning, lower taxes and less regulated markets.

Keywords: Phillips Curve; Inflationary Expectation; Predictive Success; Structural Unemployment; American Economic Association (search for similar items in EconPapers)
Date: 2000
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Journal Article: The Rise of the Natural-Rate of Unemployment Model (1996)
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DOI: 10.1057/9780333985656_4

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