In 1958, economist A. W. Phillips published an article describing what he observed to be the inverse relationship between inflation and unemployment; subsequently, the “Phillips curve” became a central concept in macroeconomic analysis and policymaking. But today's Phillips curve is not the same as the original one from fifty years ago; the economy, our understanding of price setting behavi…
How Brazil's monetary and fiscal policies survived a series of severe economic shocks and the policy lessons for other countries.Inflation targeting--when central bank policies set specific inflation rate objectives--is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays look…