During the early 1960s, many economists and policymakers believed that monetary policy could exploit a stable trade-off between the level of inflation and the unemployment rate. One version of the ...

“Insanity is doing the same thing over and over again and expecting different results.” (Usually attributed to Albert Einstein, this familiar quote may have originated with Max Nordau or others in ...

We introduce a model of monetary policy with downward nominal wage rigidities and show that both the slope and curvature of the Phillips curve depend on the level of inflation and the extent of ...

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. The Phillips Curve describes the relationship between ...