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Inflation and Unemployment: The Evolution of the Phillips Curve

Richard G. Lipsey and William Scarth

This authoritative research review provides a comprehensive anthology of many of the most important and influential articles written since the publication of Phillips’ 1958 study – the most-cited macroeconomic paper published in the 20th century. The papers evaluate the original contribution and place it in its historical context. The works also discuss the strengths and weaknesses of the New Classical critique and the expectations augmented Phillips Curve that resulted from it, and critique the part played by the ‘New Keynesian Phillips Curve’ in the New neo-Classical Synthesis that has emerged in macroeconomics. This indispensable review will be of immense value to students, scholars and practitioners interested in the field of economics, and the Phillips Curve in particular.