Figure 1  If confirmed, the flattening of the Phillips curve would be relevant for monetary policy because that relationship was the traditional linchpin of the transmission mechanism that gave central banks control of inflation. The subsequent focus on the role of expectations and their management in the toolkit of monetary policy reduced but did not eliminate the relevance of that traditional mechanism.
It is an honour and privilege for me to be with you on this memorable occasion. This is a convocation address, no doubt, but it is also an occasion to dedicate my address to the memory of Acharya N.G. Ranga garu.