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  1. nobelprize.org

    practice of relating unemployment directly to price change, short-circuiting the intermediate step through wages. This relation was widely interpreted as a causal relation that offered a stable trade-off to policy makers. They could choose a low unemployment target, such as U L. In that case they would have to accept an inflation rate of A.
  2. Friedman, M. (1977) Nobel Lecture Inflation and Unemployment. Journal of Political Economy, 85, 451-472. Login. ... In this paper, it demonstrates the Phillips curve is derived from the unemployment cycle equation and the inflation equation. And then, it discusses the influence of core variables and fluctuating variables on Phillips curve and ...
  3. journals.uchicago.edu

    In the past several decades, professional views on the relation between inflation and unemployment have gone through two stages and are now entering a third. The first was the acceptance of a stable trade-off (a stable Phillips curve). The second was the introduction of inflation expectations, as a variable shifting the short-run Phillips curve, and of the natural rate of unemployment, as ...
    Author:Milton FriedmanPublished:1977
  4. The recent combination of low unemployment and low inflation has been puzzling economists, who typically believe in a tradeoff between unemployment and inflation — at least in the short run. After all, low unemployment means that firms have to compete for employees, which they do by increasing wages. In turn, rising wages spur inflation.
  5. semanticscholar.org

    In the past several decades, professional views on the relation between inflation and unemployment have gone through two stages and are now entering a third. The first was the acceptance of a stable trade-off (a stable Phillips curve). The second was the introduction of inflation expectations, as a variable shifting the short-run Phillips curve, and of the natural rate of unemployment, as ...
  6. When Friedman gave his lecture in 1976, the long-run relationship between inflation and unemployment was still under debate. During the 1960s, most economists believed that a lower average unemployment rate could be sustained if one were just willing to accept a permanently higher (but stable) rate of inflation.
  7. demand. Unemployment varied not with the rate of inflation but with unanticipated inflation : only accelerating (unantici- pated) inflation could therefore keep unemployment down below a 'natural rate' determined by the adaptability of labour to changing market conditions. (A parallel is the increasing intake of alcohol required to maintain a given
  8. orbi.uliege.be

    Milton Friedman and Economic Debate in the United States, 1932-1972, Vol. 1 and 2 by Edward Nelson, The University of Chicago Press, Chicago, 2020, 784 + ... Phillips Curve (i.e., the existence of a short-run trade-off between unemployment and inflation) based on the confusion, by workers, between nominal and real wage move- ...
  9. folia.unifr.ch

    denied that there is a long-term trade-off between unemployment and inflation '.Friedman himself (see Friedman and Friedman 1998, p. 230) contributed to this myth-building by advocating some three decades later that he 'introduced the concept of a "natural rate of unemployment" to which the level of unemployment would tend whatever the ...
  10. semanticscholar.org

    When the Bank of Sweden established the prize for Economic Science in memory of Alfred Nobel (1968), there doubtless was as there doubtless still remains widespread skepticism among both scientists and the broader public about the appropriateness of treating economics as parallel to physics, chemistry, and medicine. These are regarded as "exact sciences" in which objective, cumulative ...
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