What remains from the trade-off between inflation and unemployment? (A brief reflection on the Phillips curve)
Abstract
This paper analyzes the debate that took place in the second half of the 20th century about the relationship between inflation and unemployment. The “discovery” of the Phillips curve, provided a powerful tool for the economic policy. But, as always happens in the history of economic ideas, some years later a hard discussion began between economists. At the end, the discussion was about the effectiveness or sterility of economic policies to change the level of unemployment (and inflation) of the economy.
Although with slightly different features, this is a discussion which is still open to debate among economists.
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