RBNZ paper hunts cause of flattening Phillips curve

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A new paper from the Reserve Bank of New Zealand attempts to explain the reasons the relationship between inflation and economic activity has declined in many developed countries.

In The flattening of the Phillips curve: rounding up the suspects, authors Punnoose Jacob and Thomas van Florenstein Mulder use New Zealand’s economy as a case study for the flattening of the Phillips curve.

They find that they cannot “pinpoint a particular feature of the economy as the dominant contributor to the

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