A neglected inconsistency in Milton Friedman's AEA Presidential Address
Friedman (1968) – his famous Presidential Address to the American Economic Association – contains an elementary error right at the heart of what is usually supposed to be the paper’s crucial argument. That is the argument to the effect that during an inflation, changing expectations shift the Philli...
| Main Author: | |
|---|---|
| Format: | Journal article |
| Published: |
Cambridge University Press
2015
|
| _version_ | 1826257358175600640 |
|---|---|
| author | Forder, J |
| author_facet | Forder, J |
| author_sort | Forder, J |
| collection | OXFORD |
| description | Friedman (1968) – his famous Presidential Address to the American Economic Association – contains an elementary error right at the heart of what is usually supposed to be the paper’s crucial argument. That is the argument to the effect that during an inflation, changing expectations shift the Phillips curve. It is suggested that the fact of this mistake, and of its having gone all-but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014) Macroeconomics and the Phillips curve myth, are suggested. |
| first_indexed | 2024-03-06T18:16:56Z |
| format | Journal article |
| id | oxford-uuid:04eec49c-c4dd-4b1a-a657-a149f7e18672 |
| institution | University of Oxford |
| last_indexed | 2024-03-06T18:16:56Z |
| publishDate | 2015 |
| publisher | Cambridge University Press |
| record_format | dspace |
| spelling | oxford-uuid:04eec49c-c4dd-4b1a-a657-a149f7e186722022-03-26T08:54:28ZA neglected inconsistency in Milton Friedman's AEA Presidential AddressJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:04eec49c-c4dd-4b1a-a657-a149f7e18672Symplectic Elements at OxfordCambridge University Press2015Forder, JFriedman (1968) – his famous Presidential Address to the American Economic Association – contains an elementary error right at the heart of what is usually supposed to be the paper’s crucial argument. That is the argument to the effect that during an inflation, changing expectations shift the Phillips curve. It is suggested that the fact of this mistake, and of its having gone all-but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014) Macroeconomics and the Phillips curve myth, are suggested. |
| spellingShingle | Forder, J A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title | A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title_full | A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title_fullStr | A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title_full_unstemmed | A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title_short | A neglected inconsistency in Milton Friedman's AEA Presidential Address |
| title_sort | neglected inconsistency in milton friedman s aea presidential address |
| work_keys_str_mv | AT forderj aneglectedinconsistencyinmiltonfriedmansaeapresidentialaddress AT forderj neglectedinconsistencyinmiltonfriedmansaeapresidentialaddress |