An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture

Research output: Working paperDiscussion paper

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 Phillips curve. In this interregnum inflation is anticipated but has real 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.
LanguageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-44
Number of pages45
Volume18
Publication statusPublished - Sep 2018

Fingerprint

Phillips curve
Natural rate of unemployment
Hysteresis
Short-run
Inflation

Keywords

  • short run Phillips curve
  • long run Phillips curve
  • Friedman

Cite this

Cross, R. (2018). An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture. (14 ed.) (pp. 1-44). Glasgow: University of Strathclyde.
Cross, Rod. / An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture. 14. ed. Glasgow : University of Strathclyde, 2018. pp. 1-44
@techreport{6d9718dd6f6248c1ae7a33b84321a1e8,
title = "An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture",
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 Phillips curve. In this interregnum inflation is anticipated but has real 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.",
keywords = "short run Phillips curve, long run Phillips curve, Friedman",
author = "Rod Cross",
note = "Published as a paper within the Discussion Papers in Economics, No. 18-14 (2018)",
year = "2018",
month = "9",
language = "English",
volume = "18",
pages = "1--44",
publisher = "University of Strathclyde",
edition = "14",
type = "WorkingPaper",
institution = "University of Strathclyde",

}

Cross, R 2018 'An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture' 14 edn, University of Strathclyde, Glasgow, pp. 1-44.

An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture. / Cross, Rod.

14. ed. Glasgow : University of Strathclyde, 2018. p. 1-44.

Research output: Working paperDiscussion paper

TY - UNPB

T1 - An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture

AU - Cross, Rod

N1 - Published as a paper within the Discussion Papers in Economics, No. 18-14 (2018)

PY - 2018/9

Y1 - 2018/9

N2 - 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 Phillips curve. In this interregnum inflation is anticipated but has real 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.

AB - 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 Phillips curve. In this interregnum inflation is anticipated but has real 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.

KW - short run Phillips curve

KW - long run Phillips curve

KW - Friedman

M3 - Discussion paper

VL - 18

SP - 1

EP - 44

BT - An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture

PB - University of Strathclyde

CY - Glasgow

ER -

Cross R. An Appraisal of Friedman's Positively Sloped Phillips Curve Conjecture. 14 ed. Glasgow: University of Strathclyde. 2018 Sep, p. 1-44.