What About the Phillips Curve?

For years, central bankers in the us, europe and japan have targeted a healthy to cent rate of inflation. But none of them have been able to produce it. This despite continuous economic growth,. rapid expansion of the money supply through quantitative easing and low interest rates - all of which are supposed to be inflationary. For roughly the last 60 years, economists have trusted the so called phillips curve, which posits an inverse relationship between unemployment inflation....