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Barry Eichengreen | The Legacy of the Great Moderation: Currency, Populism, and Credit

Hidden Forces

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The Fed and the Phillips Curve

The Fed didn't engage in open market operations at the beginning and it began experimenting with them in the 1920s. The Phillips curve is the idea that there is some kind of stable predictable relationship between the level of unemployment and the rate of inflation. Bill Phillips came up with this idea in the 1950s and it worked reasonably well with modifications for a long time. That doesn't seem to work anymore.

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