Figure 1 shows the numbers: To those old enough to remember, this chart looks ominously ... pushing the short-run Phillips curve further upward to a position like SRP3. As long as policymakers ...

Subsequent short-term periods do not necessarily follow suit along ... The vertical line from this level forms the long-run Phillips curve (LRPC) shown in the graph above. Periods of stagflation ...

Larry Hatheway, the chief economist at GAM, an asset manager with about $130 billion, looks ... like the Federal Reserve does, inflation should be less of a concern when the Phillips curve has ...