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An appraisal of Friedman's positively sloped Phillips Curve conjecture

Author

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  • Rod Cross

    (Department of Economics, University of Strathclyde)

Abstract

In this paper we ask what happens in the medium-term interregnum between the domain of the short-run Phillips curve and that of the long-run effects on the natural rate of unemployment, according to Friedman's conjecture. We discuss the new classical and hysteresis alternatives to Friedman's conjecture, and some of the methodological issues involved in appraising the conjecture. A simple model, and some data, are employed in this task.

Suggested Citation

  • Rod Cross, 2018. "An appraisal of Friedman's positively sloped Phillips Curve conjecture," Working Papers 1814, University of Strathclyde Business School, Department of Economics.
    • Handle: RePEc:str:wpaper:1814
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    File URL: https://www.strath.ac.uk/media/1newwebsite/departmentsubject/economics/research/researchdiscussionpapers/18-14.pdf
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    More about this item

    Keywords

    Friedman; Nobel Prize Address; Phillips Curves; Short Run; Medium Run; Long Run.;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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