Abstract:During the period 1958–66 the level of unemployment was associated with near enough the rate of change of wages predicted by the Phillips Curve, as can be seen by reference to Table 4.1. The period si...During the period 1958–66 the level of unemployment was associated with near enough the rate of change of wages predicted by the Phillips Curve, as can be seen by reference to Table 4.1. The period since 1967 has, however, been characterised by very high rates of inflation relative to the levels of unemployment sustained during these years. A wide range of explanations has been put forward concerning the apparent worsening of the unemployment-inflation trade-off since 1966. It is convenient to group these explanations into four general categories as set out below.Read More
Publication Year: 1976
Publication Date: 1976-01-01
Language: en
Type: book-chapter
Indexed In: ['crossref']
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