[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/bla/obuest/v86y2024i4p761-793.html
   My bibliography  Save this article

Revisiting the Phillips Curve: The Empirical Relationship Yet to be Validated

Author

Listed:
  • Hoang‐Phuong Do
  • Aris Spanos
Abstract
The Phillips curve began life in 1958 as a simple curve‐fitted relationship between the rates of wage inflation and unemployment and went on to play a crucial role in the broader development of macroeconomics, giving rise to several controversies about its interpretation and role in policy‐making. Recently, the traditional narrative about its theoretical underpinnings has been called into question as a sequence of ‘stories’ to provide support for particular theoretical perspectives on macroeconomics. The primary aim of this paper is to challenge the conventional wisdom relating to the Phillips curve being an attested empirical relationship, by showing that the empirical evidence of the most influential papers that helped to frame the traditional narrative is untrustworthy, in the sense that the probabilistic assumptions invoked by their inferences are invalid. That is, not only the traditional theory‐driven narrative is misleading, but the empirical evidence used to corroborate it is untrustworthy.

Suggested Citation

  • Hoang‐Phuong Do & Aris Spanos, 2024. "Revisiting the Phillips Curve: The Empirical Relationship Yet to be Validated," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 86(4), pages 761-793, August.
    • Handle: RePEc:bla:obuest:v:86:y:2024:i:4:p:761-793
    DOI: 10.1111/obes.12605
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/obes.12605
    Download Restriction: no
    File URL: https://libkey.io/10.1111/obes.12605?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:obuest:v:86:y:2024:i:4:p:761-793. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/sfeixuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.