“Analytical Aspects of Anti-Inflation Policy” after 40 Years

This paper reconsiders the 1960 article by Samuelson and Solow in the light of later developments in the theory of inflation and in the facts of inflation. The 1960 article was quite tentative and skeptical in tone, qualities not always to be found in current discussion. But it may have been too optimistic about the stability of the inflation-unemployment relation.