Ambrogio Cesa-Bianchi, Ed Hall, Marco Pinchetti and Julian Reynolds The remarkable stability of US inflation dynamics in the pre-Covid era had led many to think that the Phillips Curve had flattened. However, the sharp rise in inflation that followed the Covid-19 pandemic ignited a debate on whether the Phillips Curve had steepened and, in particular, … Continue reading Did supply constraints tilt the Phillips Curve?