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The “Phillips Curve†and inflation

In: The Value of Applied Economics

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Brown’s Great Inflation, published in 1955, is a wide-ranging examination of inflation around the world post-World War II. In it, Brown produced what amounted to an early version of the Phillips Curve, which ties wage-rate changes to unemployment levels. This chapter provides an account of Brown’s analysis, set within the context of the economics of the time, the other economists who were involved in studying inflation, and regarding Phillips’s later paper and the work of Samuelson and Solow in the USA. It offers an account of Brown’s views on inflationary policies in a cost-push context.

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  • ., 2017. "The “Phillips Curve†and inflation," Chapters, in: The Value of Applied Economics, chapter 6, pages 116-149, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17472_6
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    1. Gabriele Galati & Richhild Moessner & Maarten van Rooij, 2023. "The anchoring of long-term inflation expectations of consumers: insights from a new survey," Oxford Economic Papers, Oxford University Press, vol. 75(1), pages 96-116.

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    Economics and Finance;

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