Clarida: Our Employment Models ‘Have Been Wrong’

On Monday, Richard Clarida delivered a fairly lengthy series of prepared remarks for a webcast "at" the Peterson Institute for International Economics, in Washington. The vice chair was keen to emphasize the extent to which the changes to the Fed's strategy unveiled last week by Jerome Powell were indeed "important" and not merely a formal acknowledgement of the way in which policy has been conducted for years. Smart people can debate the point when it comes to the price-stability side of the

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5 thoughts on “Clarida: Our Employment Models ‘Have Been Wrong’

  1. The Phillips curve- a nice academic concept that has failed miserably in the real world for some time. Clarida is accepting reality – good for him and the Fed. You can add to failed economic financial concepts of efficient frontier, EMH, and many others relating to employment and social welfare. Keynes was right about the polity/policy being in thrall to long dead economists and debatable (at best) economic theories.

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