During the early 1960s, many economists and policymakers believed that monetary policy could exploit a stable trade-off between the level of inflation and the unemployment rate. One version of the ...
We introduce a model of monetary policy with downward nominal wage rigidities and show that both the slope and curvature of the Phillips curve depend on the level of inflation and the extent of ...
The Fed cut the Fed Funds rate by 50 basis points on September 18. The Fed’s twin mandate, keeping inflation under control and aiming for low unemployment is really in the service of the American ...
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