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Phillips was wrong.
Dorn '20 – (James A.; Senior Fellow Emeritus @ CATO Institute, PhD in economics; 2020; "The Phillips Curve: A Poor Guide for Monetary Policy;" https://www.cato.org/cato-journal/winter-2020/phillips-curve-poor-guide-monetary-policy) NT-ML
The real problem with the Phillips curve is not that it supposes that inflation and unemployment are related, especially in the short run, but that it misconstrues that relation as involving a direct causal influence of unemployment on inflation, and vice versa, when in fact it is changes in aggregate demand that cause changes in both unemployment and inflation. According to Mickey Levy, chief economist at Berenberg:
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