Macro Musings with David Beckworth cover image

Joe Gagnon on *25 Years of Excess Unemployment* and the Phillips Curve Debate

Macro Musings with David Beckworth

00:00

The Money Illusion

Sally Kohn: There are a lot of interesting observations. You're making the argument that for 25 years, unemployment has been higher than it needed to be to keep inflation low. This arose because we are relying on a linear version of the Phillips curve,. So in our minds, we're not thinking things can get nonlinear. And finally, your solution to all of this, we want to get to the policy part, it's going to be a higher inflation target. That's at least one way to solve this problem.

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