The Phillips Curve: Back to the '60s?

Olivier Jean Blanchard

261 citations0/0 files storedAmerican Economic Review

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Market Dynamics and Volatility Unemployment and Economic Growth

Abstract

This paper reexamines the behavior of inflation and unemployment and reaches four conclusions: 1) The U.S. Phillips curve is alive and well (at least as well as in the past). 2) Inflation expectations however have become steadily more anchored. 3) The slope of the curve has substantially declined. But the decline dates back to the 1980s rather than to the crisis. 4) The standard error of the residual in the relation is large, especially in comparison to the low level of inflation. Each of the four conclusions presents challenges for the conduct of monetary policy.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 261 citations exist upstream.

Cited by

2020Optimal Inflation and the Identification of the Phillips Curve 2023What Caused the US Pandemic-Era Inflation?2020Slack and Cyclically Sensitive Inflation 2023Networks, Phillips Curves, and Monetary Policy 2018A Phillips Curve with Anchored Expectations and Short‐Term Unemployment 2025What Caused the US Pandemic-Era Inflation?2020Identifying Modern Macro Equations with Old Shocks*2017Climate Change and Monetary Policy: Dealing with Disruption

Imported from OpenAlex (CC0) — nothing here is generated.