Format du dépôt |
Fichier |
Type de dépôt |
Autre publication scientifique |
Titre |
en
Robert J. Gordon and the introduction of the natural rate hypothesis in the Keynesian framework
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Résumé |
en
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.
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Auteur(s)
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Aurélien Goutsmedt
1, 2, 3
, Goulven Rubin
4
1
CES -
Centre d'économie de la Sorbonne
( 15080 )
- Maison des Sciences Économiques - 106-112 Boulevard de l'Hôpital - 75647 Paris Cedex 13
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8174 ( 7550 )
;
-
Centre National de la Recherche Scientifique UMR8174 ( 441569 )
2
UP1 -
Université Paris 1 Panthéon-Sorbonne
( 7550 )
- 12 place du Panthéon, 75231 Paris Cedex 05
- France
3
Chaire Energie & Prospérité
( 520844 )
- 28 place de la bourse Institut Louis Bachelier Paris, 75002 France
- France
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École polytechnique ( 300340 )
;
-
École Nationale de la Statistique et de l'Administration Économique ( 300604 )
;
-
Institut Louis Bachelier ( 520866 )
4
PHARE -
Philosophie, Histoire et Analyse des Représentations Économiques
( 542292 )
- UNIVERSITE PARIS 1 PANTHEON-SORBONNE
Maison des Sciences Économiques
106-112 Boulevard de l'Hôpital
75647 PARIS CEDEX 13
- France
-
Université Paris 1 Panthéon-Sorbonne UR7418 ( 7550 )
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Nom de la revue |
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Langue du document |
Anglais
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Vulgarisation |
Non
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Commentaire |
Date de publication |
2018-05
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Description |
Documents de travail du Centre d'Economie de la Sorbonne 2018.13 - ISSN : 1955-611X
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Domaine(s) |
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Sciences de l'Homme et Société/Economies et finances
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Mots-clés (JEL) |
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B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B22 - Macroeconomics
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E - Macroeconomics and Monetary Economics/E.E1 - General Aggregative Models/E.E1.E12 - Keynes • Keynesian • Post-Keynesian
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E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation
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Éditeur scientifique |
-
Centre d'Economie de la Sorbonne (CES UMR 8174)
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Référence interne |
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Mots-clés |
en
Expectations, Natural rate of unemployment, Phillips curve, Stagflation, Robert J. Gordon, History of macroeconomics, Milton Friedman, Inflation
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