The Trade-off Interpretation of Phillips's Dynamic Stabilization Exercise

ROBERT LEESON

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The Trade-off Interpretation of Phillips's Dynamic Stabilization Exercise

机译：菲利普斯动态稳定演习的权衡解释

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This paper, which examines Phittips's famous curve, is based on Fhiliips's private papers, and the London School of Economics Methodology, Measurement and Testing Seminar records (sources previously thought to be lost). These sources, plus Phillips'stheoretical work, suggest that the equilibrium 'menu oi choice' is a misinterptetation of Philiips's dynamic stabilization exercise. Phillips bad a clearly articulated roie for inflationary expectations in his model, and had no toleration for the notionthat ongoing inhation could purchase sustainable reductions in the rate of unemployment. Evidence is cited which indicates that Milton Friedman was profoundly influenced by Phillips's analysis of inflationary expectations.

机译：本文研究了Phittips的著名曲线，它基于Fhiliips的私人论文以及伦敦经济学院方法论，度量和测试研讨会的记录（以前认为是丢失的资料）。这些资料加上菲利普斯（Phillips）的理论工作表明，均衡的“菜单选择”是对Philiips动态稳定练习的错误解释。菲利普斯（Phillips）在他的模型中对通货膨胀预期不利于明确表达的投资回报率，并且对持续不断的通货膨胀可以购买失业率的持续下降的观点不容忍。引用的证据表明，米尔顿·弗里德曼受到菲利普斯对通胀预期的分析的深刻影响。

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《Economica》 |1997年第253期|共17页
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ROBERT LEESON;
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The Trade-off Interpretation of Phillips's Dynamic Stabilization Exercise

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