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Yes, There Is a Trade-Off Between Inflation and Unemployment

The Phillips curve “probably the single most important macroeconomic relationship.” 

This period is providing yet more evidence — though we didn’t really need it — that the Phillips curve is unstable and, therefore, an imperfect guide for policy.

But unstable does not mean nonexistent, and imperfect does not mean useless. As long as the tools of monetary policy influence both inflation and unemployment, monetary policymakers must be cognizant of the trade-off.

N. Gregory Mankiw, rofessor of Economics at Harvard University, NYT 9 August 2010

Death of the Phillips curve brings political foes together at the graveside

Is inflation is higher than central banks think?


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