Harold L. Cole
Abstract
This chapter discusses the intellectual history of the Phillips curve and its impact on U.S. policy making during the 1960s and 1970s. It discusses the intellectual response to stagflation in terms of both NAIRU, rational expectations and the New Keynesians.
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This chapter discusses the intellectual history of the Phillips curve and its impact on U.S. policy making during the 1960s and 1970s. It discusses the intellectual response to stagflation in terms of both NAIRU, rational expectations and the New Keynesians.
Key concepts: Stagflation, Phillips curve, NAIRU, Keynesian economics, Inflation (cosmology), Economics, Unemployment, Macroeconomics