Many economists would agree no doubt that the strict classical quantity theory of money is logically incompatible with the concept of a stable, long-run Philips curve tradeoff between output and inflation

The policy implications of the Phillips curve relationship between inflation and unemployment have changed dramatically in the twenty-seven years since A.W. Phillips first identified a negative correlation between money wage changes and joblessness in Great Britain. Originally, Phillips' own...

The Phillips Curve depicts a relationship between inflation and unemployment in graphical or equation form. In a previous article (see the March/April issue of this Review ), Thomas Humphrey catalogued the various formulations of the relationship that have appeared since the publication in 1958...

The Phillips Curve depicts a relationship between inflation and unemployment in graphical or equation form. In a previous article (see the March /April issue of this Review), Thomas Humphrey catalogued the various formulations of the relationship that have appeared since the publication in 1958...

An abstract for this article is not available

The policy implications of the Phillips curve relationship between inflation and unemployment have changed dramatically in the twenty-seven years since A.W. Phillips first identified a negative correlation between money wage changes and joblessness in Great Britain. Originally, Phillips’ own...