Bullard Spars With Mishkin Over Lifeless Body of Phillips Curve

The video discusses the Federal Reserve's current stance, which is based on views that the Phillips curve is no longer relevant. The speaker disagrees, arguing that while the empirical Phillips curve may appear inactive, the structural Phillips curve could still be significant. This suggests a need to reconsider the role of the Phillips curve in economic policy.

What are the current stances taken by the Federal Reserve according to the text?

What is the speaker's opinion on the idea that the Phillips curve is dead?

How does the speaker differentiate between the empirical and structural Phillips curves?

What does the speaker mean by saying the structural Phillips curve could still be alive?

What does the speaker consider to be a tangible thing in the context of the Phillips curve?