What problems with the Phillips Curve have surfaced before? To
the extent that business is now more globalized than when William
Phillips described the curve in 1958, could that be a reason why
the Phillips Curve is failing? Or is the problem, you think, that
unemployment rates have yet to fall far enough to trigger
inflation? Perhaps Lucas is correct after all in thinking that if
monetary policy is credible, there wouldn’t be a Phillips Curve at
all? Explain In...