As pointed out by Lucas and Sargent in a paper presented in 1978 at a conference organised by the Boston FED, 8 the inflation of the 1970s represented, under this respect, a sort of large-scale experiment for the old consensus.
For Lucas and Sargent the verdict of this experiment was clear: the “halcyon days” 9 of post-Keynesian macroeconomics, with its belief in the exploitability of the Phillips trade-off, were gone for ever. Over subsequent years, and until mid-1990s, the Phillips curve essentially disappeared from frontier research.