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Which inflation model to follow? Friedman or Phillips?

Summary:
Manoj Pradhan and Charles Goodhart in this voxeu research: Milton Friedman and Bill Phillips most likely assumed that their separate methods for predicting inflation would lead to much the same outcomes. Recently, however, monetary aggregates and the Phillips curve have provided extremely disparate signals. This column discusses recent economic developments leading to these disparate signals, concluding that inflation will most likely end up somewhere between the predictions of the two models – which is almost certainly higher than what central banks and the IMF are expecting. This entry was posted on February 26, 2021 at 1:54 pm and is filed under Academic research & research papers, Central Banks / Monetary Policy,

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Manoj Pradhan and Charles Goodhart in this voxeu research:

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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