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...
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Cambridge University Press
2015
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A neglected inconsistency in Milton Friedman's AEA Presidential address
Gepubliceerd in 2014
Working paper