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14min chapter
Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
Macro Musings with David Beckworth
Monetary Policy, Inflation, and the Phillips Curve
The chapter explores the impact of monetary policy on inflation and the economy, focusing on the examples of Paul Volcker and Alan Greenspan. It discusses the role of inflation expectations and monetary policy credibility, as well as the use of price controls and the behavior of inflation within the Phillips curve. The chapter also touches on the relationship between inflation and unemployment, and the trade-offs associated with policy choices.
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