Perceptions of monetary policy shape inflation – Dallas Fed paper
Academics say Phillips curve not always applicable post-Covid
Monetary policies aimed at achieving a slow cooling off of the economy following a period of high inflation raises current levels of inflation, according to research from the Federal Reserve Bank of Dallas.
The paper, published on July 16, claims the relationship between inflation and unemployment may not be the same as it was before the pandemic, especially given the changes in monetary policy.
Authors Tyler Atkinson and Ron Mau argue that people’s understanding of monetary policy affects
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