Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
Macro Musings with David Beckworth
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The Nonlinear Phillips Curve
A lot of people today are invoking a nonlinear Phillips curve. But why bother? Why use the darn thing if it leads to so much trouble? It's a nice intellectual exercise, perhaps, to say that we can conceive of Phillips curves doing all kinds of things. You can make them do backflips if you want to and have them thereby become consistent with data record. Many try to use it to predict what's going on in the future you're asking for trouble.
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