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

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Author Info
Leonardo Raffo López () (Leonardo Raffo López)
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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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;

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

References listed on IDEAS
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  1. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January. [Downloadable!] (restricted)
  2. Wicksell, Knut, 1907. "The Influence of the Rate of Interest on Prices," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17, pages 213-220. [Downloadable!]
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This page was last updated on 2009-11-29.


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