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Diane Publishing Books
From Trade-offs to Policy Ineffectiveness: A History of the Phillips Curve
Thomas M. Humphrey (au)
The famous Phillips curve trade-off relationship between inflation & unemployment, whose doctrinal history these essays chronicle, amply illustrates the workings of well-known “laws” in economics. Contents: (1) The Early History of the Phillips Curve; (2) The Evolution & Policy Implications of Philips Curve Analysis: Early Versions of the Phillips Curve; Introduction of Shift Variables; The Expectations-Augmented Phillips Curve & the Adaptive-Expectations Mechanism; Statistical Tests of the Natural Rate Hypothesis; From Adaptive Expectations to Rational Expectations; Evaluation of Rational Expectations; Concluding Comments; & Appendix. Illustrations.
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