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Economists and financial markets have seen things previously thought not to be possible. These are negative interest rates and then negative oil prices, most recently. Macroeconomics could be further discombobulated, by a severe labor shortage that causes an inflationary wage-price cost spiral, all while unemployment rates remain at double-digits. This could result from the COVID-19 pandemic and its aftermath.
A.W. Phillips would not be around to witness such a violation of the Phillip’s curve relationships. However, the Federal Reserve would still have to deal with such an extreme stagflation situation.