The Ghoul Stalking the Federal Reserve

The Fed seems unable to exorcize the ghost of the Phillips Curve.

AP/Manuel Balce Ceneta
The Federal Reserve chairman, Jerome Powell, during a news conference at the Federal Reserve Board building at Washington, July 27, 2022. AP/Manuel Balce Ceneta

Justice Antonin Scalia once likened a legal principle called the Lemon Test to “some ghoul in a late night horror movie that repeatedly sits up in its grave and shuffles abroad, after being repeatedly killed and buried.” We are reminded of The Great Scalia’s ghoulish metaphor by the Phillips Curve, an economic theory on employment and inflation. Long discredited, it seems to be stalking our central bankers out of their wits.

Have an account? Log In

To continue reading, please select:

Limited Access

Enter your email to read for FREE

Get 1 FREE article

Continue with
or
Unlimited Access

Join the Sun for a PENNY A DAY

$0.01/day for 60 days

Cancel anytime

100% ad free experience

Unlimited article and commenting access

Full annual dues ($120) billed after 60 days

By continuing you agree to our
Privacy Policy and Terms of Service.
Advertisement
The New York Sun

© 2025 The New York Sun Company, LLC. All rights reserved.

Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used.

The New York Sun

Sign in or  Create a free account

or
By continuing you agree to our Privacy Policy and Terms of Use