I agree that this remains a standard story, despite the facts.

"Aside from the usual warning that these are simply our best guesses
we must give another caution. All of our discussion has been phrased
in short-run terms, dealing with what might happen in the next few
years. It would be wrong, though, to think that our Figure 2 menu that
relates obtainable price and unemployment behavior will maintain its
same shape in the longer run. What we do in a policy way during the
next few years might cause it to shift in a definite way."
   -- Samuelson and Solow (p.193)

Alan Isaac




Sandeep Mazumder wrote:
> Paul Samuelson and Robert Solow
> (1960) who argue that policymakers can choose a point along the Phillips curve, and then Edmund Phelps (1967) and Milton Friedman (1968) who
> introduced the movement of the curve itself via changes in inflation expectations.
> At least, this is how the story goes according to the current literature.