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Inflation, Disinflation and the Natural Rate of Unemployment: A Dynamic Framework for Policy Analysis

In: The Australian Economy in the 1990s

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  • Robert Leeson

    (Murdoch University)

Abstract

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Suggested Citation

  • Robert Leeson, 2000. "Inflation, Disinflation and the Natural Rate of Unemployment: A Dynamic Framework for Policy Analysis," RBA Annual Conference Volume,in: David Gruen & Sona Shrestha (ed.), The Australian Economy in the 1990s Reserve Bank of Australia.
  • Handle: RePEc:rba:rbaacv:acv2000-07
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    File URL: http://www.rba.gov.au/publications/confs/2000/pdf/leeson.pdf
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    References listed on IDEAS

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    1. Leeson, Robert, 1997. "The Trade-off Interpretation of Phillips's Dynamic Stabilization Exercise," Economica, London School of Economics and Political Science, vol. 64(253), pages 155-171, February.
    2. Friedman, Milton, 1988. "Money and the Stock Market," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 221-245, April.
    3. Gruen, David & Pagan, Adrian & Thompson, Christopher, 1999. "The Phillips curve in Australia," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 223-258, October.
    4. Hendry, David F, 1985. "Monetary Economic Myth and Econometric Reality," Oxford Review of Economic Policy, Oxford University Press, vol. 1(1), pages 72-84, Spring.
    5. Challen, D W & Hagger, A J, 1975. "Another Look at Australia's Inflation-Unemployment Trade-Offs," Australian Economic Papers, Wiley Blackwell, vol. 14(25), pages 137-153, December.
    6. Parkin, Michael, 1976. "Yet Another Look at Australia's Short-Run and Long-Run Trade-Offs between Inflation and Unemployment," Australian Economic Papers, Wiley Blackwell, vol. 15(26), pages 128-139, June.
    7. Laidler, David, 1986. "What Do We Really Know about Monetary Policy?," Australian Economic Papers, Wiley Blackwell, vol. 25(46), pages 1-16, June.
    8. Parkin, Michael, 1973. "The Short-Run and Long-Run Trade-Offs Between Inflation and Unemployment in Australia," Australian Economic Papers, Wiley Blackwell, vol. 12(21), pages 127-144, December.
    9. Norton, W E & McDonald, R, 1983. "The Decline in Australia's Economic Performance in the 1970s: An Analysis of Annual Data," Australian Economic Papers, Wiley Blackwell, vol. 22(4), pages 1-29, June.
    10. Sargent, Thomas J. & Wallace, Neil, 1976. "Rational expectations and the theory of economic policy," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 169-183, April.
    11. Jonson, Peter D, 1976. "Money and Economic Activity in the Open Economy: The United Kingdom, 1880-1970," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 979-1012, October.
    12. P.D. Jonson & R.G. Trevor, 1979. "Monetary Rules: A Preliminary Analysis," RBA Research Discussion Papers rdp7903, Reserve Bank of Australia.
    13. A.M. Cohen & W.E. Norton, 1969. "Demand Equations for Money," RBA Research Discussion Papers rdp03, Reserve Bank of Australia.
    14. Parkin, Michael, 1977. "The Transition from Fixed Exchange Rates to Money Supply Targets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 228-242, February.
    15. Robert Leeson, 1998. "The Origins of the Keynesian Discomfiture," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 20(4), pages 597-619, July.
    16. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, April.
    17. Friedman, Milton, 1977. "Nobel Lecture: Inflation and Unemployment," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 451-472, June.
    18. Peter Boxall & Jeff Carmichael, 1974. "Inflation: Prices and Earnings in Australia," RBA Research Discussion Papers rdp33, Reserve Bank of Australia.
    19. Kerry E. Schott & K.M. Sweeny, 1970. "Price Equations for Australia," RBA Research Discussion Papers rdp08, Reserve Bank of Australia.
    20. Robert Leeson, 2000. "Patinkin, Johnson, and the Shadow of Friedman," History of Political Economy, Duke University Press, vol. 32(4), pages 733-764, Winter.
    21. McDonald, John, 1976. "Earnings and Award Wages in Australia: Some Econometric Considerations," Australian Economic Papers, Wiley Blackwell, vol. 15(27), pages 230-239, December.
    22. Robert Dimand, 1988. "The Origins of the Keynesian Revolution," Books, Edward Elgar Publishing, number 139.
    23. Leeson, Robert, 1997. "Does the Expectations Trap Render the Natural-Rate Model Invalid in the Disinflationary Zone?," Cambridge Journal of Economics, Oxford University Press, vol. 21(1), pages 95-101, January.
    24. Emminger, Otmar, 1978. "The international monetary arena seen from two different angles," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 397-403, April.
    25. Thomas Mayer, 1999. "Monetary Policy and the Great Inflation in the United States," Books, Edward Elgar Publishing, number 1601.
    26. Robert Leeson, 1999. "Keynes and the “Keynesian” Phillips Curve," History of Political Economy, Duke University Press, vol. 31(3), pages 493-509, Fall.
    27. McDonald, John, 1975. "Wages and Prices in Australia: On the Short and Long-run Trade-Offs between Inflation and Unemployment," Australian Economic Papers, Wiley Blackwell, vol. 14(25), pages 154-170, December.
    28. 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.
    29. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    30. Hendry, David F, 1980. "Econometrics-Alchemy or Science?," Economica, London School of Economics and Political Science, vol. 47(188), pages 387-406, November.
    31. Patinkin, Don, 1969. "The Chicago Tradition, the Quantity Theory, and Friedman," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 46-70, February.
    32. Robert Leeson, 1997. "The Eclipse of the Goal of Zero Inflation," History of Political Economy, Duke University Press, vol. 29(3), pages 445-496, Fall.
    33. Robert Leeson, 1998. "“The Ghosts I Called I Can't Get Rid of Now”: The Keynes-Tinbergen-Friedman-Phillips Critique of Keynesian Macroeconometrics," History of Political Economy, Duke University Press, vol. 30(1), pages 51-94, Spring.
    34. Lucas, Robert E, Jr, 1981. "Tobin and Monetarism: A Review Article," Journal of Economic Literature, American Economic Association, vol. 19(2), pages 558-567, June.
    35. Leeson, Robert, 1998. "Early Doubts about the Phillips Curve Trade-Off," Journal of the History of Economic Thought, Cambridge University Press, vol. 20(01), pages 83-102, March.
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    Cited by:

    1. William R. White, 2013. "Is Monetary Policy a Science? The Interaction of Theory and Practice over the Last 50 Years," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.

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    Keywords

    dynamic analysis; monetarism; Friedman; Philips;

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