The “Phillips Curve†and inflation

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Chapter 6 in The Value of Applied Economics, 2017, pp 116-149 from Edward Elgar Publishing

Abstract: Brown’s Great Inflation, published in 1955, is a wide-ranging examination of inflation around the world post-World War II. In it, Brown produced what amounted to an early version of the Phillips Curve, which ties wage-rate changes to unemployment levels. This chapter provides an account of Brown’s analysis, set within the context of the economics of the time, the other economists who were involved in studying inflation, and regarding Phillips’s later paper and the work of Samuelson and Solow in the USA. It offers an account of Brown’s views on inflationary policies in a cost-push context.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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