Is there a Phillips Curve in Pakistan?
Since the publication of A.W.Phillip's (1958) influential paper on the relationship between unemployment and the rate of change of the money wage rate, countless studies have appeared to refine, reformulate and re-estimate structural equations explaining the rates of change in the wage rates and the price levelor inflation rates.1 The empirical findings of the Phillips curve relationships during the past two decades have been considered to be a contentious issue particularly in developed countries.2 Despite the fact that the original hypothesis of the PhilliPscurve has been questioned and challenged,3 nevertheless, the importance of this subject has been preserved by its continued relevance for policy. Not only that, Friedman (1970, 1971) claimed that the Phillips curve plays the important role of the "missing equation" separating his own quantity theory of money from the Keynesiantheory
Volume (Year): 27 (1988)
Issue (Month): 4 ()
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- Milton Friedman, 1971.
"A Theoretical Framework for Monetary Analysis,"
National Bureau of Economic Research, Inc, number frie71-1, July.
- Friedman, Milton, 1971. "A Monetary Theory of Nominal Income," Journal of Political Economy, University of Chicago Press, vol. 79(2), pages 323-37, March-Apr.
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