So, on the one hand, with regard to the title of my speech today – “A central banker’s interest in Phillips curves” – one might wonder whether such an interest is debatable at all. On the other hand, the Phillips curve concept has undergone massive shifts over the past decades.
5  For more information about this scenario, see the description of Scenario 2 in Congressional Budget Office (2005), The Long-Term Budget Outlook, December, pp. 5-13 and 48-49, www.cbo.gov/ftpdocs/69xx/doc6982/12-15LongTermOutlook.pdf (1.0 MB PDF).