We will continue to discuss with our partners, respecting their own responsibilities and explaining our own positions. 27. How worried are you by the performance and the behaviour of hedge funds and their destabilising effects on the financial markets?
However, developments over the past 30 years have dramatically transformed the economic thinking underlying the Phillips curve. Thanks to the Lucas critique and the earlier contributions of Ned Phelps and Milton Friedman, we know today that the empirical relationship expressed in the Phillips curve is not structural, but (inter alia) influenced by expectations and differences in underlying policy regimes.