Greg Mankiw participates today, and until Wednesday (June 11), in a conference on “A Phillips Curve Retrospective” organized by the Federal Reserve Bank of Boston.
Despite intensive criticism, especially in the 70s and 80s, many academic economists, policy makers and financial correspondents use the concept in discussing the influence of demand growth on inflation, as well as the relationship between unemployment, wages and prices. The curve today is not that of fifty years ago write the organizers, and the economy and our understanding of price setting behavior, the determinants of inflation and the role of monetary policy have all evolved considerably over that period. The participants in the conference will re-examine the theoretical and empirical validity of the curve in its recent specifications and consider what it has taught us about how the economy works.
Among them, John B. Taylor, Robert M. Solow, and Ben Bernanke.
Details are on Greg Mankiw’s blog.
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