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Does the Expectations Trap Render the Natural-Rate Model Invalid in the Disinflationary Zone?

In: The Eclipse of Keynesianism

Author

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  • Robert Leeson

    (Murdoch University)

Abstract

This chapter raises some questions about the epistemological status of the theory underpinning the original Phillips curve formulation, and the correspondence between the empirical data and the textbook (theoretical) representations of the Natural-Rate Expectations Augmented Phillips (N-REAP) curve model. This is no antiquarian investigation, since these curves have dominated applied macroeconomics for over three decades.

Suggested Citation

  • Robert Leeson, 2000. "Does the Expectations Trap Render the Natural-Rate Model Invalid in the Disinflationary Zone?," Palgrave Macmillan Books, in: The Eclipse of Keynesianism, chapter 5, pages 91-96, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98565-6_5
    DOI: 10.1057/9780333985656_5
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    Cited by:

    1. Robert Leeson, 2000. "Inflation, Disinflation and the Natural Rate of Unemployment: A Dynamic Framework for Policy Analysis," RBA Annual Conference Volume (Discontinued), in: David Gruen & Sona Shrestha (ed.),The Australian Economy in the 1990s, Reserve Bank of Australia.
    2. Dejene Mamo Bekana, 2016. "What Causes Inflation in a Post Communist Economy? Evidence from Ethiopia," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(61), pages 3-46, September.

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