,
3 tweets,
2 min read
Read on Twitter
@FabioGhironi @Undercoverhist omfg. The Phillips curve died in the LATE SEVENTIES when we realized that rational expectations by the market would lead to an endogenous shift in the curve in reaction to govt attempts to manipulate it.
COME ON PEOPLE. QUIT BEATING THIS VERY VERY DEAD HORSE.
COME ON PEOPLE. QUIT BEATING THIS VERY VERY DEAD HORSE.
@FabioGhironi @Undercoverhist Phillips curve only exists if you don't try to use it to stimulate the economy. Because the market isn't STUPID.
@FabioGhironi @Undercoverhist It's like every economist on twitter suddenly forgot everything they know about game theory
c'mon people
c'mon people
