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

Roma

Congreso; 19th Annual Conference of the European Society for the History of Economic Thought (ESHET); 2015

European Society for the History of Economic Thought (ESHET)

This paper analyzes the debate that took place in the second half of the twentieth centuryabout the relationship between inflation and unemployment. The "discovery" of the Phillipscurve, provided a powerful tool for the economic policy. But, as always happens in the historyof 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 tochange the level of unemployment (and inflation) of the economy.Although with slightly different features, this is a discussion which is still open to debateamong economists.