You are right, of course. Here's the exact quote: So the Philips Curve posits that there is a relationship between the degree of slack in the labor market and

You are right, of course. Here's the exact quote: So the Philips Curve posits that there is a relationship between the degree of slack in the labor market and inflation, and it is an empirical relationship that, while not absolutely tight, has been a consistent relationship over time, and I believe that relationship still holds. https://www.c-span.org/video/?406675-1/federal-reserve-chair-janet-yellen-news-conference https://www.c-span.org/video/?406675-1/federal-reserve-chair... > there's considerable support for the idea that an inverse relationship between unemployment and inflation exists at least in the short run Would you care to cite some? I'm certainly familiar with the post-70's forms of Phillips Curve theory (it's discussed in the very Wikipedia article I linked). But I also cited a 2017 paper from the Philadelphia Fed that looked very hard for such a relationship and couldn't find one, and which itself cites prior research going back to 2001 that agrees.