IDEAS home Printed from https://ideas.repec.org/a/elg/rokejn/v6y2018i4p461-472.html
   My bibliography  Save this article

Why is labour market adjustment so slow in Friedman's presidential address?

Author

Listed:
  • James Forder

    (Balliol College, Oxford, UK)

Abstract

It is noted that Friedman (1968) suggested the adjustment to a change in the rate of inflation would take decades and that this is rather a long time. Various suggestions as to why Friedman may have said this are considered. It is argued that he may have had in mind not a more or less rational change in expectations, but something more like a change in the habits of thought. It is noted that if this is correct, his view on the point is not generally accepted.

Suggested Citation

  • James Forder, 2018. "Why is labour market adjustment so slow in Friedman's presidential address?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 6(4), pages 461-472, October.
    • Handle: RePEc:elg:rokejn:v:6:y:2018:i:4:p461-472
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/journals/roke/6-4/roke.2018.04.06.xml
    Download Restriction: Restricted access
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Friedman; expectations; Phillips curve;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    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:elg:rokejn:v:6:y:2018:i:4:p461-472. 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: Phillip Thompson (email available below). General contact details of provider: http://www.elgaronline.com/roke .

    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.