Publications

March 17, 2009

Special Issue of the Richmond Fed's Economic Quarterly Surveys the Phillips Curve

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Special Issue on the Phillips Curve and its Implications for Modern Monetary Policy

Discussions of the Phillips curve — the relationship between inflation and unemployment — have been at the core of monetary policymaking since the 1960s. The four articles in this Special Issue of Economic Quarterly explore the history of the Phillips curve, the structural estimation of the New Keynesian Phillips curve, and the policy implications of the nominal rigidities underlying the New Keynesian Phillips curve.

You can find the full text of this article and others in the latest issue of Economic Quarterly.

In the Fall 2008 issue:

• Introduction to the New Keynesian Phillips Curve by Andreas Hornstein
• The Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996 by Robert G. King
• The New Keynesian Phillips Curve: Lessons From Single-Equation Econometric Estimation by James M. Nason and Gregor W. Smith
• DSGE Model-Based Estimation of the New Keynesian Phillips Curve by Frank Schorfheide
• Policy Implications of the New Keynesian Phillips Curve by Stephanie Schmitt-Grohé and Martín Uribe

The Economic Quarterly is a free publication containing economic analysis pertinent to Federal Reserve monetary and banking policy. For free copies or more information, contact the Federal Reserve Bank of Richmond’s Public Affairs office at (804) 697-7982.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.

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