You will not be surprised that I do not share this view. But the fact that it persists in some quarters suggests that there is a need to explain our position more clearly.
BIS Review 4/1997  -3-  During this period at Laurence H. Meyer & Associates, our excellent inflation forecasting record was based on one simple rule: don’t try to outguess our Phillips Curve. We did not always, of course, religiously follow our own rule.