What remains from the trade-off between inflation and unemployment? (A brief reflection on the Phillips curve)

BLANCO ALFREDO FÉLIX

Iberian Journal of the History of Economic Thought

Ediciones Complutense - Universidad Complutense de Madrid

Lugar: Madrid; Año: 2018 vol. 5 p. 71 - 71

his paper analyzes the debate that took place in the second half of the twentieth century about the relationship between inflation and unemployment. The "discovery" of the Phillips curve, provided 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. At the end, the discussion was about the effectiveness or sterility of economic policies to change the level of unemployment (and inflation) of the economy.Although with slightly different features, this is a discussion which is still open to debate among economists.