Although the labor market has steadily strengthened, wage growth has remained slow in recent years. This raises the question of whether the wage Phillips curve—the traditional relationship between ...

Following ideas in Hume, monetary shocks are embedded in the Lagos-Wright model in a new way: There are only nominal shocks accomplished by individual transfers that are sufficiently noisy so that ...

The Phillips curve describes an inverse correlation between inflation and unemployment. It says that as inflation rises, unemployment goes down, and vice versa. The curve got its name from a New ...

During the 1970s and early 1980s, rises in inflation tended to coincide with weaker economic activity and lower stock prices. But in more recent decades, rises in inflation have tended to coincide ...

About a half-century ago, my investment and economic mentor, Bradford F. Story, remarked that leaders at the Federal Reserve and Treasury would never succeed until they disabused themselves of the ...

What is the Phillips curve? What is the Phillips curve? The Phillips curve is a model that attempts to show the relationship between inflation and unemployment. Central bankers who are responsible for ...