Good policy makes Phillips curve harder to identify – BoE’s Tenreyro

Silvana Tenreyro
Silvana Tenreyro
Bank of England

The Phillips curve may not be obvious in the data but that does not mean it has disappeared, the Bank of England’s Silvana Tenreyro said on June 4.

Fears that the curve, which links inflation and unemployment or “slack”, has flattened or disappeared are “largely misplaced”, the monetary policy committee member said. “I expect that the narrowing in labour market slack we have seen over the past year will lead to greater inflationary pressures, as in our standard models.”

She pointed out that

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