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[By staff reporters]
An important concept in macroeconomics
When Federal Reserve officials meet to decide whether to raise interest rates again, one question will be front and center according to Neil Irwin?
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[Rate of Change of Wages against Unemployment
United Kingdom 1913–1948 from Phillips (1958)]
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Question: How much faith should be placed in a line on a graph first drawn by a New Zealand economist nearly six decades ago, based on data on wages and employment in Britain dating to the 1860s?
The 57-Year-Old Chart That Is Dividing the Fed
More:
- https://en.wikipedia.org/wiki/Phillips_curve
- https://en.wikipedia.org/wiki/Laffer_curve
- MACRO versus MICRO: https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Micro-and-Macro
Assessment
So, if you believe in the traditional Phillips curve, as some at the Fed do, inflation should be taking off any day now?
Conclusion
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Filed under: Experts Invited, Health Economics | Tagged: Neil Irwin, Phillips Curve, Rate of Change of Wages against Unemployment | 1 Comment »
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