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Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach

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  • Michel De Vroey

    ()
    (Universite Catholique de Louvain)

Abstract

In this paper I compare Friedman's expectations-augmented Phillips Curve model with Lucas' model on expectations and the neutrality of money and claim that they are underpinned by two different equilibrium concepts. Friedman's model is based on the stationary equilibrium conception, typical of the Marshallian research program. In contrast, Lucas' conception of equilibrium is an outgrowth of the Walrasian conception of equilibrium. In particular, I underline that Friedman's model is a disequilibrium model--witnessing to the fact that disequilibria are a standard outcome whenever the Marshallian conception of equilibrium is adopted--whereas, on the contrary, no room exists for disequilibrium in Lucas' model.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume27/V27N2P127_148.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 27 (2001)
Issue (Month): 2 (Spring)
Pages: 127-148

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Handle: RePEc:eej:eeconj:v:27:y:2001:i:2:p:127-148

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Keywords: Equilibrium; Money; Phillips Curve; Walrasian;

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Cited by:
  1. Michel De Vroey, 2001. "L'histoire des théories économiques sous le prisme de l'hétérodoxie. Une analyse critique de l'Histoire de la pensée économique de Ghislain Deleplace," Cahiers d'Économie Politique, Programme National Persée, Programme National Persée, vol. 38(1), pages 115-133.
  2. Michel, De Vroey, 2002. "Lucas on Involuntary Unemployment," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2003016, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Michel, DE VROEY, 2005. "Did the market-clearing postulate pre-exist new classical economics ? The case of Marshallian theory," Discussion Papers (ECON - Département des Sciences Economiques), Université catholique de Louvain, Département des Sciences Economiques 2005011, Université catholique de Louvain, Département des Sciences Economiques.
  4. Michel, DE VROEY, 2004. "The History of Macroeconomics Viewed Against the Background of the Marshall-Walras Divide," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) 2004017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  5. José Francisco Bellod Redondo, 2013. "La NAIRU y la pseudociencia neoliberal," Revista de Economía Crítica, Asociación de Economía Crítica, Asociación de Economía Crítica, vol. 16, pages 18-43.
  6. Danilo Freitas Ramalho Da Silva, 2014. "Lucas’S Early Research In The 1960’S," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Gra 009, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  7. Michel De Vroey, 2002. "The history of economic thought: the French way," The European Journal of the History of Economic Thought, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(4), pages 672-687.

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