The Genesis of Samuelson and Solow’s Price-Inflation Phillips Curve

Kevin D. Hoover

History of Economics Review, 2015, vol. 61, issue 1, 1-16

Abstract: Samuelson and Solow’s informal analysis of the price-inflation Phillips curve (‘Analytical Aspects of Anti-inflation Policy’, 1960) is carefully reconstructed and contextualised, documenting the close relationship between the wage-inflation and price-inflation versions of the Phillips curve. The reconstruction is used to demonstrate the untenability of Hall and Hart’s (2012) suggestions 1) that Samuelson and Solow should have reached different conclusions based on regression estimates; and 2) if they had, the ‘inflationist’ course of U.S. macroeconomic policy in the 1960s and 1970s would have been different.

Date: 2015
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DOI: 10.1080/18386318.2015.11681269

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