Phillips, inflationary expectations, and the unemployment-reducing inflationary trade-off: Reply to chappie

Robert Leeson

New Zealand Economic Papers, 1997, vol. 31, issue 1, 49-63

Abstract: Simon Chappie, after apparently reading no more than eight of the thousand or more pages that I have written on the Phillips curve, questions my interpretation of the theoretical and empirical components of Phillips' dynamic stabilisation exercise. Despite the existence of overwhelming evidence, Chappie also attempts to belittle Phillips ' seminal contribution to the adaptive inflationary expectations literature. In this essay, I shall demonstrate that Chappie's assertions are not supported by the evidence.

Date: 1997
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DOI: 10.1080/00779959709544265

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