The Phillips curve suggests rising wages from low unemployment may increase inflation temporarily. High inflation may prompt Fed rate hikes, raising borrowing costs and wage demands. Despite ...
Price rigidity is a key mechanism through which monetary policy is thought to affect the economy. When some prices are hard to change, firms may respond to a monetary impetus by changing instead their ...
Monetary policymakers have long debated the usefulness of the Phillips curve, which relates inflation to measures of economic slack. Since the recession started in late 2007, evidence suggests that, ...
About a half-century ago, my investment and economic mentor, Bradford F. Story, remarked that leaders at the Federal Reserve and Treasury would never succeed until they disabused themselves of the ...
The U.S. economy is in a sweet spot, with unemployment at a near 50-year low and an inflation rate that's low and stable. But that combination — low unemployment and low inflation — has economists at ...
In a 2008 speech then Federal Reserve Vice Chairman Donald Kohn informed his audience that “A model in the Phillips curve tradition remains at the core of how most academic researchers and ...
In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips ...
“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 ...
In a 2008 speech then Federal Reserve Vice Chairman Donald Kohn informed his audience that “A model in the Phillips curve tradition remains at the core of how most academic researchers and ...
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