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Una discusión sobre la curva de Phillips de Friedman y la tasa natural de desempleo

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  • Leonardo Raffo López

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    (Leonardo Raffo López)

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    Abstract

    In this paper I evaluate the theoretical consistency of Friedman.s Phillips curve. For this, I review his own exposition in the subject, making emphasis in his contributions to the short-run analysis of unemployment, wages and prices in front of the classical theory and Keynes.s .General Theory.. I examine his hypothesis founded in the natural rate of unemployment, looking at the use of concepts like involuntary unemployment, macroeconomic equilibrium and imperfect information, and also at the mechanism of expectation.s formation for workers and entrepreneurships. My conclusion is that his model is incomplete and imperfect, and that his hypothesis tumbles down if the natural rate of unemployment is endogenous and changes with the exogenous chocks in aggregate demand.

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    Bibliographic Info

    Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

    Volume (Year): (2007)
    Issue (Month): 67 (Julio-Diciembre)
    Pages: 119-142

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    Handle: RePEc:lde:journl:y:2007:i:67:p:119-142

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    Related research

    Keywords: Phillips curve; involuntary unemployment; natural rate of unemployment; imperfect information; adaptative expectations;

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