New research published by the IMF yesterday addresses the spectre of 'missing inflation' in the US, finding the behaviour of core inflation can be explained by the anchored expectations and short-term unemployment "stories" offered by other researchers.

The working paper, A Phillips curve with anchored expectations and short-term unemployment, by Laurence Ball and Sandeep Mazumder, notes the "accelerationist Phillips curve of textbooks" suggests the high unemployment rates since the financial