IDEAS home Printed from https://ideas.repec.org/p/oxf/wpaper/723.html
   My bibliography  Save this paper

A Neglected Inconsistency in Milton Friedman's AEA Presidential Address

Author

Listed:
  • James Forder

Abstract

Friedman (1968) - hisfamous Presidential Address to the American Economic Association - contains an elementary error right at the heart of what is usually supposed to be the paper's crucial argument. That is the argument to the effect that during an inflation, changing expectations shift in Phillips curve. It is suggested that the fact of this mistake, and of its having gone all-but unnoticed are points of historical interest. Further reflections, drawing on the arguments of Forder (2014) Macroeconomics and the Phillips curve myth, are suggested.

Suggested Citation

  • James Forder, 2014. "A Neglected Inconsistency in Milton Friedman's AEA Presidential Address," Economics Series Working Papers 723, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:723
    as

    Download full text from publisher

    File URL: https://ora.ox.ac.uk/objects/uuid:2b11cbca-c100-426b-80b1-d165a126b314
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Phillips; Friedman; Expectations;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oxf:wpaper:723. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anne Pouliquen (email available below). General contact details of provider: https://edirc.repec.org/data/sfeixuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.