Why the Phillips Curve Is Seen as Irrelevant

The video discusses the Phillips Curve, a theoretical relationship between inflation and unemployment, and its perceived irrelevance due to recent economic trends. It explores labor market slack, global interest rates, and the need for diverse monetary policy tools. The discussion includes insights from experts and questions from political figures, highlighting the complexity of economic policy and the potential need to rethink traditional models.

What is the hypothetical relationship discussed between inflation and unemployment?

Why do some economists believe the Phillips curve is becoming irrelevant?

What evidence suggests that the relationship between unemployment and inflation may not be as strong as previously thought?

How might the measurement of labor market slack affect our understanding of inflation?

What implications does the potential weakness of the Phillips curve have for the Federal Reserve's monetary policy?

In what ways might the relationship between unemployment and inflation impact working Americans?

What alternative tools or instruments could the Federal Reserve consider beyond the Phillips curve?