The public's indifference map between inflation and unemployment: Empirical evidence for the Nixon, Ford, Carter and Reagan presidencies

David Smyth and Pami Dua

Public Choice, 1989, vol. 60, issue 1, 85 pages

Abstract: We have succesfully estimated the public's indifference map between inflation and unemployment. The indifference curves are nonlinear and concave to the origin for most unemployment rates; the data are insufficient to permit us to be sure of the form at low unemployment rates. There is clear evidence of honeymoon and Watergate effects and a Reagan as president effect. The public dislikes expected and unexpected inflation equally. Copyright Kluwer Academic Publishers 1989

Date: 1989
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DOI: 10.1007/BF00124313

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