Federal Reserve Bank of Cleveland: A Growth-Augmented Phillips Curve
July 03, 2020
July 03, 2020
CLEVELAND, Ohio, July 3 -- The Federal Reserve Bank of Cleveland issued the following economic commentary by Research Analyst Kristen Tauber, and Senior Research Economist Willem Van Zandweghe:
Empirical studies find that the link between inflation and economic slack has weakened in recent decades, a development that could hamper monetary policymakers as they aim to achieve their inflation objective. We show that while the role of economic slack has diminished, economic growth has b . . .
Empirical studies find that the link between inflation and economic slack has weakened in recent decades, a development that could hamper monetary policymakers as they aim to achieve their inflation objective. We show that while the role of economic slack has diminished, economic growth has b . . .