ABSTRACT OF PAPER
Title: What Remains from the Trade-off between Inflation and Unemployment? (A Brief Reflection on the Phillips Curve)
Author: Blanco Alfredo Felix
This paper analyzes the debate about the relationship between inflation and unemployment that took place in the second half of the twentieth century. The "discovery" of the Phillips curve provides a powerful tool for the economic policy. But, as always happens in the history of economic ideas, some year later a hard discussion began between the economists. In the end, the discussion was about the effectiveness or sterility of economic policies to change the level of unemployment (and inflation) of the economy. Among many others, the main voices heard in this economic dispute were those of Samuelson, Solow, Friedman, Phelps, and Lucas (Jr.) What remains today of this "trade-off" between inflation and unemployment? Although with slightly different characteristics, it is a discussion that is still open among economists.
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