Low Inflation Bends the Phillips Curve around the World
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This paper finds strong support for a Phillips curve that becomes nonlinear when inflation is lowwhich our baseline model defines as less than 3 percent. The nonlinear curve is steep when output is above potential (slack is negative), but flat when output is below potential (slack is positive), so
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美国国家经济研究局创建时间：
2021-10-01
