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- W3124042056 abstract "Economists’ views of the Phillips curve concept have changed drastically in recent years. The original interpretation of the Phillips curve as a stable trade-off relationship between inflation and unemployment has given way to the view that no such trade-off esists for policymakers to esploit. As a result, some economists now argue that economic stabilization policies are incapable of influencing output and employment, even in the short-run. Instrumental to this change were several key developments in Phillips curve analysis, most notably the so-called natzrral rate and rational expectations hypotheses. The purpose of this article is to esplain these developments and their policy implications and to show how they altered economists perceptions of the Phillips curve. Accordingly, the first half of the article traces the evolution of Phillips curve analysis focusing particularly on the natural rate hypothesis. The second half concentrates on the rational expectations idea, currently the most hotly-debated aspect of Phillips curve analysis." @default.
- W3124042056 created "2021-02-01" @default.
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- W3124042056 date "1979-01-01" @default.
- W3124042056 modified "2023-09-27" @default.
- W3124042056 title "Some recent developments in Phillips curve analysis" @default.
- W3124042056 hasPublicationYear "1979" @default.
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