The Phillips Curve: A Century of Jobs, Prices, and Expectations

Trace the rise, the wrenching revisions after stagflation, and the modern debate over whether unemployment and inflation trade off. From Phillips's UK data to Friedman and Phelps's expectations, the natural rate, and the Fed's role in flattening the curve, this episode also explores new approaches—like behavioral economics—that aim to explain today’s puzzling relationship and its policy implications.

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