Bank of Thailand governor calls for better inflation model
Phillips curve model under-predicts inflation, argues governor Sethaput
Bank of Thailand governor Sethaput Suthiwartnarueput attacked the Phillips curve in a speech on December 2, arguing that central banks need a better economic model to predict inflation and guide policy.
A radically different economic and financial landscape has forced central banks to rethink their conceptual frameworks for policy-making, Sethaput said at a conference co-hosted by the Bank of Thailand and the Bank for International Settlements.
“Most prominently, the recent surge in inflation
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