NINE HISTORICAL VIEWS OF THE PHILLIPS CURVE: EIGHT AUTHENTIC AND ONE INAUTHENTIC
James Forder ()
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James Forder: Balliol College, Oxford, UK
The Singapore Economic Review (SER), 2021, vol. 66, issue 05, 1125-1140
There is a widely believed but entirely mythical story to the effect that the discovery of â€˜the Phillips curveâ€™ was, in the 1960s and 1970s, an inspiration of inflationist policy. One aspect of the explanation of how that myth came to be widely believed is considered in this paper. It is noted that the expression â€˜Phillips curveâ€™ was applied in a number of quite distinct and inconsistent ways, and as a result there was, by about 1980, an enormous confusion as to what that label meant. This confusion, as well as the multiplicity of possible meanings, it is suggested, provides part, although only part, of the explanation of the mythâ€™s acceptance.
Keywords: Phillips curve; expectations; Phillips curve myth (search for similar items in EconPapers)
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