Robert J. Gordon and the introduction of ...
Document type :
Compte-rendu et recension critique d'ouvrage
Title :
Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework
Author(s) :
Goutsmedt, Aurélien [Auteur]
Centre d'économie de la Sorbonne [CES]
Université Paris 1 Panthéon-Sorbonne [UP1]
Chaire Energie & Prospérité
Rubin, Goulven [Auteur]
Lille économie management - UMR 9221 [LEM]
Centre d'économie de la Sorbonne [CES]
Université Paris 1 Panthéon-Sorbonne [UP1]
Chaire Energie & Prospérité
Rubin, Goulven [Auteur]
Lille économie management - UMR 9221 [LEM]
Publication date :
2018-05
English keyword(s) :
Expectations
Natural rate of unemployment
Phillips curve
Stagflation
Natural rate of unemployment
Phillips curve
Stagflation
HAL domain(s) :
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 Milton Friedman (1968). In the ...
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 Milton Friedman (1968). In the early 1970s, Gordon displayed an empirical opposition to the NRH, arguing that the estimated parameter on expected inflation was below one, meaning that the adjustment of inflation in wages was not total. Confronting to new data and to the rise of inflation, Gordon adopted the NRH after 1973. Nevertheless the adoption anticipated any empirical proof of a parameter close to one. 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. The article shows how a complex explanation of the 1960s and 1970s inflation was little by little replaced by the simpler accelerationist Phillips Curve. It enables to understand the dissemination of this particular Phillips Curve, relying on the NRH, as a process mainly led by economists close to the Keynesian framework.Show less >
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 Milton Friedman (1968). In the early 1970s, Gordon displayed an empirical opposition to the NRH, arguing that the estimated parameter on expected inflation was below one, meaning that the adjustment of inflation in wages was not total. Confronting to new data and to the rise of inflation, Gordon adopted the NRH after 1973. Nevertheless the adoption anticipated any empirical proof of a parameter close to one. 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. The article shows how a complex explanation of the 1960s and 1970s inflation was little by little replaced by the simpler accelerationist Phillips Curve. It enables to understand the dissemination of this particular Phillips Curve, relying on the NRH, as a process mainly led by economists close to the Keynesian framework.Show less >
Language :
Anglais
Popular science :
Non
Comment :
URL des Documents de travail : https://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail-du-ces/
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