ECB research finds Phillips curve still matters

Philip Lane
ECB chief economist Philip Lane co-authored the paper

The Phillips curve remains an important guide to monetary policy, but structural factors can still knock inflation off course for extended periods, research published by the European Central Bank finds.

The working paper examines the curve, which relates economic “slack” and inflation, through the lenses of several different ECB models, ranging from reduced-form econometric models to more theoretical, structural and semi-structural models.

The authors – ECB chief economist Philip Lane

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