Cukierman, Alex (contributor) - 2005
inflation of the seventies revived the
classical-monetarist view that output is determined mainly by productive capacity, that … cases with a, more continuous,
negatively sloped empirical relation between inflation and unemployment. Within a couple of … lastsonlyaslongas
inflation is unanticipated. Following the oil shocks of the seventies and Lucas’ (1972, 1973) work …