The Ghoul Stalking the Federal Reserve
The Fed seems unable to exorcize the ghost of the Phillips Curve.

Justice Antonin Scalia once likened a legal principle called the Lemon Test to âsome ghoul in a late night horror movie that repeatedly sits up in its grave and shuffles abroad, after being repeatedly killed and buried.â We are reminded of The Great Scaliaâs 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.
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