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Why is labour market adjustment so slow in Friedman's presidential address?

James Forder

Keywords: Friedman; expectations; Phillips curve

It is noted that Friedman (1968) suggested the adjustment to a change in the rate of inflation would take decades and that this is rather a long time. Various suggestions as to why Friedman may have said this are considered. It is argued that he may have had in mind not a more or less rational change in expectations, but something more like a change in the habits of thought. It is noted that if this is correct, his view on the point is not generally accepted.

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