It's About The Supply-Side: How The Phillips Curve 'Motte-and-Bailey' Misses and Misspecifies Inflation Dynamics

Summary Inflation and interest rates remain high enough that now is not a time for 'soft landing' victory laps, but the growing and broadening evidence of price deceleration warrants a deeper dive. If the Fed's role in achieving disinflation runs through "cooling real demand," which is at the thrust of