What Powell and the Fed don´t get is that a flat Phillips Curve is not an assumption but the outcome of a High Quality MP. They have important choices to make, but the answers will not come from studying the problem from a unemployment/inflation perspective, but from, as I argued here, an NGDP Level & growth perspective.
What Powell and the Fed don´t get is that a flat Phillips Curve is not an assumption but the outcome of a High Quality MP. They have important choices to make, but the answers will not come from studying the problem from a unemployment/inflation perspective, but from, as I argued here, an NGDP Level & growth perspective.
https://marcusnunes.substack.com/p/kernels-of-truth