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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Quarterly

Fall 2008

Introduction to the New Keynesian Phillips Curve

In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.

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Lisa Kenney (804) 697-8179

Economic Quarterly

Fall 2008

Introduction to the New Keynesian Phillips Curve

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