Richmond's Lacker on inflation and unemployment

In the speech 'Inflation and unemployment' given on 11 April Jeffrey Lacker of the Federal Reserve Bank of Richmond said the centrality of inflation expectations in the modern Phillips curve reinforces the importance of consistency and credibility in monetary policymaking.

"Central banks should not underestimate the degree to which they are capable of influencing the evolution of inflation expectations. To paraphrase the late Milton Friedman, inflation is always and everywhere an expectational

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