Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/181762 
Year of Publication: 
2018
Series/Report no.: 
CHOPE Working Paper No. 2018-11
Publisher: 
Duke University, Center for the History of Political Economy (CHOPE), Durham, NC
Abstract: 
The paper investigates the role played by Friedman's interpretation of the Brazilian inflation in his 1967 formulation of the natural rate hypothesis and in his 1976 discussion of indexation and other institutional arrangements in the face of chronic inflation. It is argued that, as an empirical economist and in the absence of evidence from industrialized countries, Friedman found in the Brazilian 1964-66 stabilization episode significant support for his argument about inflation acceleration and a shifting Phillips curve. Friedman's interest in the Brazilian inflationary economy prompted him to visit the country in 1973. The context and implications of Friedman's Brazilian travel are also tackled in the paper.
Subjects: 
Friedman
Brazil
inflation
Phillips curve
expectations
JEL: 
B22
B31
E31
Document Type: 
Working Paper

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