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Phillips, inflationary expectations, and the unemployment-reducing inflationary trade-off: Reply to chappie

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  • Robert Leeson

Abstract

Simon Chappie, after apparently reading no more than eight of the thousand or more pages that I have written on the Phillips curve, questions my interpretation of the theoretical and empirical components of Phillips' dynamic stabilisation exercise. Despite the existence of overwhelming evidence, Chappie also attempts to belittle Phillips ' seminal contribution to the adaptive inflationary expectations literature. In this essay, I shall demonstrate that Chappie's assertions are not supported by the evidence.

Suggested Citation

  • Robert Leeson, 1997. "Phillips, inflationary expectations, and the unemployment-reducing inflationary trade-off: Reply to chappie," New Zealand Economic Papers, Taylor & Francis Journals, vol. 31(1), pages 49-63.
    • Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:49-63
    DOI: 10.1080/00779959709544265
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    References listed on IDEAS

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    1. Robert Leeson, 1997. "The Political Economy of the Inflation-Unemployment Trade-Off," History of Political Economy, Duke University Press, vol. 29(1), pages 117-156, Spring.
    2. Hammond,J. Daniel, 1996. "Theory and Measurement," Cambridge Books, Cambridge University Press, number 9780521552059, September.
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