In the today’s World, the issue of Phillip’s CurveCurve been ‘dead’ has received a lot of contradictive arguments where most economists claim that Phillip’s CurveCurve is still alive. For instance, many economists still believe that Phillip’s CurveCurve is still very useful since it focuses on unemployment and Inflation which are key variables in measuring economic growth (Fuhrer, 1995). Other economists have even modernized the Phillip curve idea by identifying other forces which influence the CurveCurve.
These forces include: expected Inflation, unemployment gap, and supply shock (Fuhrer, 1995). For instance, these economists claim that, all other variables held constant, an increase in expected Inflation causes real Inflation to rise and in turn slowing down unemployment rate. Following these economists claims, some banks and other federal institutes have been thinking to use the idea of Phillip’s CurveCurve to reduce unemployment rate by increasing Inflation (Fuhrer, 1995). For instance, the Federal Reserve has been thinking of using monetary policy to lower unemployment by increasing Inflation since they believe that Phillip’s CurveCurve is very useful(Fuhrer, 1995).
Some economists however think that Banks should not increase Inflation since inflationary pressure will increase to an uncontrollable rate and monetary policy will lose. A recent paper by Hooper also claims that evidences for a ‘dead Phillip curve’ are weak (Hooper et al., 2010).For instance, he claims that there is too little variability of data, monetary policies are endogenous, and expectations are anchored. The arguments claim that Phillip’s CurveCurve is still alive.
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