Is the Natural Rate of Unemployment Compatible with a Stable Rate of Inflation?

Malcolm R. Gray and Richard Lipsey ()

Working Paper from Economics Department, Queen's University

Abstract: The Phelps-Friedman theory that the long-run Phillips curve is perfectly inelastic at the natural rate of unemployment has been criticized by Tobin (1972) and others. This paper accepts tentatively the Phelps-Friedman hypothesis and enquires into what follows from it. We do this because the debate on whether or not the hypothesis is correct, insufficient attention has been paid to the policy implications that follow, should it come to be accepted.

Pages: 24
Date: 1974
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:147

Access Statistics for this paper

More papers in Working Paper from Economics Department, Queen's University Contact information at EDIRC.
Bibliographic data for series maintained by Mark Babcock ().