Abstract

MENDIETA, Pablo  and  BARBERY, Carlos Hugo. Understanting the 21st Century Phillips Curve: A state of the art. rlde [online]. 2017, n.28, pp.135-164. ISSN 2074-4706.

The history of Phillips curve, an empirical regularity that suggests an inverse relationship between inflation and unemployment discovered in the middle of the last century, has been characterized by controversy, both in the theoretical and empirical field. In this article we review the history of this relationship, but mainly we emphasize that today a modified version with microeconomic foundations is an important piece in macroeconomic modeling. We argue that the academic discussion around this relationship is an example of different methodological and epistemological approaches in economics.

Keywords : Phillips curve; economic methodology.

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