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Societies for the History of Economics

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Subject:
From:
Alan G Isaac <[log in to unmask]>
Reply To:
Societies for the History of Economics <[log in to unmask]>
Date:
Sat, 22 Aug 2009 17:16:47 -0400
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Perhaps Thomas Humphrey's "From Trade-offs to Policy
Ineffectiveness: A History of the Phillips Curve"
(FRB Richmond)?

Alan Isaac

PS Samuelson and Solow (1960, AER) comment:

	p. 187 Phillips concludes that the money wage
	level would stabilize with 5 per cent unemployment

	p. 187 But would it take 8 to 10 per cent unemployment
	forever to stabilize the money wage?

	p. 187 the critical unemployment rate at which wages
	begin to rise or rise too fast

	p. 192 5 to 6 per cent of the civilian labor force's
	being unemployed... would appear to be the cost of
	price stability in the years immediately ahead

	p. 193 It would be wrong, though, to think that [the
	Phillips curve] will maintain its shape in the longer
	run. What we do in a policy way ... might cause it to
	shift

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