Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework

Aurélien Goutsmedt 1, 2, 3 Goulven Rubin 4
3 Chaire Energie & Prospérité
ENS Paris - École normale supérieure - Paris, X - École polytechnique, ENSAE ParisTech - École Nationale de la Statistique et de l'Administration Économique, Institut Louis Bachelier
Abstract : This article studies the dissemination of the Natural Rate of Unemployment Hypothesis (NRH) in macroeconomics during the 1970s, by studying the reaction of Robert J. Gordon to the argument of Milton Friedman (1968). In the early 1970s, Gordon displayed an empirical opposition to the NRH, arguing that the estimated parameter on expected inflation was below one, meaning that the adjustment of inflation in wages was not total. Confronting to new data and to the rise of inflation, Gordon adopted the NRH after 1973. Nevertheless the adoption anticipated any empirical proof of a parameter close to one. We explain that this conversion was due to Friedman's influence on Gordon, but also to the fact it did not prevent Gordon to support active stabilization policies. The article shows how a complex explanation of the 1960s and 1970s inflation was little by little replaced by the simpler accelerationist Phillips Curve. It enables to understand the dissemination of this particular Phillips Curve, relying on the NRH, as a process mainly led by economists close to the Keynesian framework.
Type de document :
Autre publication
Documents de travail du Centre d'Economie de la Sorbonne 2018.13 - ISSN : 1955-611X. 2018
Liste complète des métadonnées

Littérature citée [6 références]  Voir  Masquer  Télécharger

https://halshs.archives-ouvertes.fr/halshs-01821825
Contributeur : Lucie Label <>
Soumis le : vendredi 22 juin 2018 - 18:19:13
Dernière modification le : mercredi 12 septembre 2018 - 01:28:32
Document(s) archivé(s) le : mardi 25 septembre 2018 - 05:04:18

Fichier

18013.pdf
Fichiers produits par l'(les) auteur(s)

Identifiants

  • HAL Id : halshs-01821825, version 1

Citation

Aurélien Goutsmedt, Goulven Rubin. Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework. Documents de travail du Centre d'Economie de la Sorbonne 2018.13 - ISSN : 1955-611X. 2018. 〈halshs-01821825〉

Partager

Métriques

Consultations de la notice

84

Téléchargements de fichiers

182