Una discusión sobre la curva de Phillips de Friedman y la tasa natural de desempleo

Abstract

In this paper I evaluate the theoretical consistency of Friedman’s Phillips curve.For this, I review his own exposition in the subject, making emphasis in his contributionsto the short-run analysis of unemployment, wages and prices in front of the classicaltheory and Keynes’s “General Theory”. I examine his hypothesis founded in the naturalrate of unemployment, looking at the use of concepts like involuntary unemployment,macroeconomic equilibrium and imperfect information, and also at the mechanism ofexpectation’s formation for workers and entrepreneurships. My conclusion is that hismodel is incomplete and imperfect, and that his hypothesis tumbles down if the naturalrate of unemployment is endogenous and changes with the exogenous chocks in aggregatedemand.

Keywords

• Phillips curve
• involuntary unemployment
• natural rate of unemployment
• imperfect information
• adaptative expectations.