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Bill Phillips & His Curve

Debunking Economics - the podcast

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Is the Phillips Curve Broken?

Phillips curve is a part of all neoclassical models. He was trying to take Keynesian from the static, and again, equilibrium based analysis that you got out of aggregate supply and aggregate demand models. And he was incredibly disappointed that that isn't what happened. So when we've heard central bankers even questioning whether the Phillips curve is broken, it's because they're taking it in isolation. They're using linear for what he said had to be nonlinear. It's not a single bloody curve or single let alone a single line. But that's how they treat it in all their DSGE models. Yeah.

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