Fed paper argues capitalism killed the Phillips curve

US Federal Reserve, Washington, DC

Economists at the Federal Reserve argue that a collapse in the bargaining power of workers is to blame for the “death” – or flattening – of the Phillips curve.

Who killed the Phillips curve? A murder mystery draws on the ideas of the Marxian economist Michał Kalecki to explore why the link between inflation and unemployment appears to have broken down. Authors David Ratner and Jae Sim argue it was not the skill of monetary policy-makers but rather the growing power of capital relative to labour

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