Robert J. Gordon and the Introduction of the Natural Rate Hypothesis in the Keynesian Framework

Aurélien Goutsmedt and Goulven Rubin

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Abstract: This article studies the dissemination of the Natural Rate of Unemployment Hypothesis (nrh) in macroeconomics during the 1970s, by studying the reaction of Robert J. Gordon to the argument of Friedman (1968). In the early 1970s, Gordon opposed the nrh, arguing that the estimated parameter on expected inflation was below one. Confronting to new data and to rising inflation, Gordon adopted the nrh after 1973. Nevertheless, the adoption anticipated any clear empirical proof. We explain that this conversion was due to Friedman's influence on Gordon, but also to the fact it did not prevent Gordon to support active stabilization policies.

Date: 2018-01
Note: View the original document on HAL open archive server: https://hal.science/hal-02988080
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Published in History of Economic Ideas, 2018, 26 (3), pp.157-187. ⟨10.19272/201806103008⟩

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Related works:
Working Paper: Robert J. Gordon and the Introduction of the Natural Rate Hypothesis in the Keynesian Framework (2018)
Working Paper: Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework (2018)
Working Paper: Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework (2018)
Working Paper: Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02988080

DOI: 10.19272/201806103008

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