Report Detail Summary

Transparency and Rule-Based Monetary Policy

August 24, 2015

The data shows that in the years immediately after the crisis, the correlation between inflation and real GDP is a negative one, as expected. However, as the economy recovered, Helicopter Ben re-morphed into a Phillips curve Keynesian. The Yellen Fed, as suggested by Mr. Lockhart’s interview, lends support to the view that the Fed is operating on a Phillips curve basis.

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