Retrospectives: The Phillips Curve: A Rushed Job?
AbstractHalf a century ago, Economica published what its webpage claims is "the most heavily cited macroeconomics title of the 20th century"—the paper by A. W. H. "Bill" Phillips (1958) that introduced the Phillips curve. Based on admittedly circumstantial evidence, I will argue that Bill Phillips was not satisfied with the paper and had not intended to publish it in 1958. I believe that Phillips was persuaded to allow his paper to be published in 1958 by James Meade. After a brief overview of Phillips' early life and career, I attempt to show why Phillips was probably unhappy with the paper that introduced the curve that came to be identified with his name and how, nevertheless, it came to be published.
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Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 25 (2011)
Issue (Month): 1 (Winter)
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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- Leeson, Robert, 1998. "Early Doubts about the Phillips Curve Trade-Off," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(01), pages 83-102, March.
- Shadman-Mehta, Fatemeh, 1996. "Does Modern Econometrics replicate the Phillips Curve?," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 1996015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Nancy J. Wulwick, 1996. "Two Econometric Replications: The Historic Phillips and Lipsey-Phillips Curves," History of Political Economy, Duke University Press, vol. 28(3), pages 391-439, Fall.
- Katarína Danišková & Jarko Fidrmuc, 2012. "Meta-Analysis of the New Keynesian Phillips Curve," Working Papers 314, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
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