8 For evidence of a flattening of the slope of the Phillips curve in the United States and abroad, see, among others, Simon, Matheson, and Sandri (2013); Blanchard, Cerutti, and Summers (2015); and Pfajfar and Roberts (2018). The difficulties in assessing shortfalls from maximum employment using measures of the unemployment rate has motivated researchers to explore alternative approaches.
One thing is for certain – in the 21st century, liquidity and solvency are important but are not sufficient to ensure stability of the financial sector if business continuity and disaster recovery do not function immaculately.