Journal Article

Is the Phillips Curve Still Alive?

Abstract: A.W. Phillips's discovery that inflation is negatively correlated with unemployment served as a heuristic model for conducting monetary policy; but the flattening of the Phillips curve post-1970 has divided debate on this empirical relation into two camps: "The Phillips curve is alive and well," and "The Phillips curve is dead." However, this dichotomy oversimplifies the issue.

JEL Classification: C10; E24; E31; E52; E58;

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Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Review

Publication Date: 2020-05

Volume: 102

Issue: 2

Pages: 121-144