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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

    () (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.

Suggested Citation

  • Leonardo Raffo López, 2007. "Una discusión sobre la curva de Phillips de Friedman y la tasa natural de desempleo," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 67, pages 119-142, Julio-Dic.
  • Handle: RePEc:lde:journl:y:2007:i:67:p:119-142
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    Keywords

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

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • 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

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