Minneapolis paper finds stable Phillips curve in regional data
Economists at the Federal Reserve Bank of Minneapolis have challenged previous research that had "thrown a great deal of doubt" onto whether a stable Phillips curve relationship exists, finding that unemployment and inflation show a stable relationship in regional data.
Terry Fitzgerald, Brian Holtemeyer and Juan Pablo Nicolin argue that the presence of an inflation-averse central bank may break the relationship between unemployment and inflation. In Is There a Stable Phillips Curve After All?
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