Economist Roger Farmer says the Phillips curve has not worked as an inflation guide since it was published, challenging a core macroeconomic framework. He ties the breakdown to shifts in monetary policy and the move to an interest-rate floor system.
published
Economist Roger Farmer says the Phillips curve has not worked as an inflation guide since it was published, challenging a core macroeconomic framework. He ties the breakdown to shifts in monetary policy and the move to an interest-rate floor system.
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