The Dual Mandate: Jobs vs Prices
Slides
Humphrey-Hawkins locks the dual mandate into law on one slide, a 1961 to 1980 Phillips curve scatter breaks into stagflation next, 7% unemployment against 13.5% inflation by 1980, and a 2015 to 2026 chart flags 2022 at 3.6% unemployment against 9.1% inflation.
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