In early 2019, the Federal Open Market Committee (FOMC or the Committee) launched a comprehensive review of its monetary policy framework (MPF)—the strategies, tools, and communication practices employed by the Federal Reserve to achieve its congressionally mandated goals of maximum employment...

Intro -- Contents -- Acknowledgments -- Foreword -- 1 The Phillips Curve in Historical Context -- 2 Fifty Years of the Phillips Curve -- 3 Forecasting Inflation -- 4 The Labor Market and the Phillips Curve -- 5 Inflation Expectations -- 6 Evidence on Price Determination -- 7 Is the Phillips...