Title :

Robert J. Gordon and the Introduction of the Natural Rate Hypothesis in the Keynesian Framework

Author(s) :

Goutsmedt, Aurélien [Auteur]
Rubin, Goulven [Auteur]
Lille économie management - UMR 9221 [LEM]

Journal title :

History of Economic Ideas

Pages :

157-187

Publisher :

Fabrizio Serra editore

Publication date :

2018-01

ISSN :

1122-8792

HAL domain(s) :

Sciences de l'Homme et Société
Sciences de l'Homme et Société/Economies et finances

English abstract : [en]

This article studies the dissemination of the Natural Rate of Unemployment Hypothesis (nrh) in macroeconomics during the 1970s, by studying the reaction of Robert J. Gordon to the argument of Friedman (1968). In the early ...
Show more >This article studies the dissemination of the Natural Rate of Unemployment Hypothesis (nrh) in macroeconomics during the 1970s, by studying the reaction of Robert J. Gordon to the argument of Friedman (1968). In the early 1970s, Gordon opposed the nrh, arguing that the estimated parameter on expected inflation was below one. Confronting to new data and to rising inflation, Gordon adopted the nrh after 1973. Nevertheless, the adoption anticipated any clear empirical proof. We explain that this conversion was due to Friedman’s influence on Gordon, but also to the fact it did not prevent Gordon to support active stabilization policies.Show less >

Language :

Anglais

Peer reviewed article :

Oui

Audience :

Internationale

Popular science :

Non

Collections :

• Lille Économie Management (LEM) - UMR 9221

Source :

Harvested from HAL