Read each article. “Friedman’s Presidential Address in the Evolution of Macroeconomic Thought, by N. Gregory Mankiw and Ricardo Reis. Mankiw and Reis explain Milton Friedman’s views about the natural rate hypothesis, Phillip’s Curve, and related issues in this article. Should We Reject the Natural Rate Hypothesis,” by Olivier Blanchard. Blanchard is not fully convinced there exists a “natural” rate of output and provides important, additional insights. The above articles were part of a “symposium” published in the Journal of Economic Perspectives, Volume 32, Number 1, Winter 2018. This journal is publicly available (online) and you should have no difficulty finding these articles. As you will read, the occasion for this symposium was the 50th anniversary of Milton Friedman’s presidential address to the American Economic Association. Identify and summarize each article’s central tenets and the implications for economic policy-making in the short run and the long run. Include perspectives about the natural rate hypothesis the Phillips Curve, stabilization policy in the short run and the long run, and other issues. After discussing the articles individually, compare and contrast the different views about the validity of the natural rate hypothesis, the possibility of “hysteresis existence of the Phillips Curve, the accelerationist hypothesis, and the implications for stabilization policies. Does Blanchard agree with Friedman about the natural rate hypothesis? What additional insights does Blanchard provide? Be as specific as you can in making these comparisons. This third part of the project (., comparing and contrasting the different points of view), should be the centerpiece of your Project.
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