Authors

Robert Leeson, University of Notre Dame AustraliaFollow

Title

"The ghosts I called I can't get rid of now": The Keynes-Tinbergen-Friedman-Phillips Critique of Keynesian Macroeconometrics

Document Type

Book Chapter

Publication Date

2000

Abstract

This chapter offers a fresh perspective on the much publicised dispute between those followers of Keynes who presented econometric evidence in favour of a Phillips curve trade-off, and those monetarists who presented counter econometric evidence. Contrary to common perceptions, the collapse of the Keynesian Phillips curve was a vindication of a common critique of macroeconometric practices, which was jointly authored by John Maynard Keynes, Jan Tinbergen, Milton Friedman and A.W.H. 'Bill' Phillips. This analysis is informed by the usual sources, plus two sources which had been thought to be no longer in existence (Phillips' private papers and the London School of Economics (LSE) Methodology, Measurement and Testing (M2T) Staff Seminar records), plus two essays by Keynes (1938a, 1938b) which have been overlooked in this context.

ISBN: 0333730453

Comments

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution may be accessed from the publisher here

The Eclipse of Keynesianism: The Political Economy of the Chicago Counter Revolution, may be accessed from the National Library of Australia here

Recommended Citation

Leeson, R. (2000). "The ghosts I called I can't get rid of now": The Keynes-Tinbergen-Friedman-Phillips critique of Keynesian macroeconometrics. In R. Leeson (Ed). The eclipse of Keynesianism: The political economy of the Chicago counter revolution. New York, NY: Palgrave Macmillan.