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A Review of James Forder, Macroeconomics and the Phillips Curve Myth, Oxford University Press, 2014

Author

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  • Michel De Vroey

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

Abstract

In this review, I argue that Forder makes a fine job in debunking the story told by Friedman in his Nobel prize lecture about the Phillips curve yet fails to assess the validity of Phelps’s and Friedman’s contributions to the Phillips curve theory.

Suggested Citation

  • Michel De Vroey, 2016. "A Review of James Forder, Macroeconomics and the Phillips Curve Myth, Oxford University Press, 2014," LIDAM Discussion Papers IRES 2016032, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:2016032
    as

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    File URL: http://sites.uclouvain.be/econ/DP/IRES/2016032.pdf
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    References listed on IDEAS

    as
    1. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    2. De Vroey,Michel, 2016. "A History of Macroeconomics from Keynes to Lucas and Beyond," Cambridge Books, Cambridge University Press, number 9781107584945, September.
    3. Forder, James, 2014. "Macroeconomics and the Phillips Curve Myth," OUP Catalogue, Oxford University Press, number 9780199683659.
    4. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    5. n/a, 2016. "Book Reviews," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4).
    6. Friedman, Milton, 1977. "Nobel Lecture: Inflation and Unemployment," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 451-472, June.
    7. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
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    More about this item

    Keywords

    Phillips curve; A.W. Phillips; M. Friedman; E. Phelps;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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