Why is labour market adjustment so slow in Friedman's presidential address?
It is noted that Friedman (1968) suggested the adjustment to a change in the rate of inflation would take decades and that this is rather a long time. Various suggestions as to why Friedman may have said this are considered. It is argued that he may have had in mind not a more or less rational chang...
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| Format: | Journal article |
| Language: | English |
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Edward Elgar Publishing
2018
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