Published Tuesday, March 27, 2007 by Frank Shostak
Can the Phillips Curve be revived? Some mainstream economists are doing their best, writes Frank Shostak. They discuss price changes without acknowledging any role that money might have had in these changes. The entire framework is based on dubious black-box, time-series analysis. While the research paper mentions extensively the word "inflation," it never even attempts to define this term. Covering undefined terms with mathematical dressing cannot make the analysis more meaningful if the object of the analysis is not clearly identified.
(Original Text)
Money and Inflation: The Tendency to Deny Reality (2.36 MB)