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The Phillips Curve Crashes Again

CTUP senior fellow David Simon wrote in the WSJ:

Jason Furman errs in relying on a supposed Phillips curve trade-off between inflation and unemployment in his op-ed “The Fed Can Take Its Time Taming Inflation” (June 17). A plot of inflation and unemployment data from 1978 to 2023–with each point reflecting the change in the inflation rate and the following year’s change in the unemployment rate–shows neither a strong relationship between the rates nor a systematic trade-off between them.

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