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| Author: | Leeson, R. |
| Title: | The trade-off interpretation of Phillips's dynamic stabilization exercise |
| Journal: | Economica
1997 : FEB, VOL. 64:253, p. 155-171 |
| Index terms: | STABILIZATION INFLATION UNEMPLOYMENT MATHEMATICAL ANALYSIS |
| Language: | eng |
| Abstract: | This study examines Phillips's dynamic stabilization exercise, and is based on Phillips's private papers and the London School of Economics Methodology, measurement and testing seminar records. These suggest, that the equilibrium "menu of choice" is misinterpretation of Phillips's dynamic stabilization exercise. Phillips had no toleration for the notion that ongoing inflation could purchase sustainable reductions in the rate of unemployment, after articulating role for inflationary expectations in his model. Phillips's analysis of inflationary expectations influenced also Milton Friedman. |
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