5 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 Bank for International Settlements (2017).
Were policymakers in Asia slower to respond to the crisis than those in Latin America, and did this have a bearing on the severity of the crisis? The response to the crisis in the two regions differed in at least one important respect: the Latin Americans were much quicker to raise interest rates aggressively.