Inflation uncertainty and a test of the Friedman hypothesis
AbstractThis paper tests Friedman's (1977) hypothesis that increases in inflation uncertainty, ceteris paribus, may yield higher levels of unemployment. Tests are made using quarterly measures of inflation uncertainty taken from the ASA-NBER survey. Using the 1972-1984 period, we find general support for the hypothesis.
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Bibliographic InfoPaper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1985-006.
Date of creation: 1985
Date of revision:
Publication status: Published in Journal of Macroeconomics, Summer 1986, 8(3), pp. 365-72
Other versions of this item:
- Hafer, R. W., 1986. "Inflation uncertainty and a test of the Friedman hypothesis," Journal of Macroeconomics, Elsevier, vol. 8(3), pages 365-372.
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