Inflation uncertainty and a test of the Friedman hypothesis

Rik Hafer ()

No 1985-006, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This paper tests Friedman's (1977) hypothesis that increases in inflation uncertainty, ceteris paribus, may yield higher levels of unemployment. Tests are made using quarterly measures of inflation uncertainty taken from the ASA-NBER survey. Using the 1972-1984 period, we find general support for the hypothesis.

Date: 1985
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Published in Journal of Macroeconomics, Summer 1986, 8(3), pp. 365-72

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Journal Article: Inflation uncertainty and a test of the Friedman hypothesis (1986)
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