Moreover, there is more than one hypothesis competing to explain the flattening of the Phillips curve: for example, some point to decrease in firms' control over prices as a result of the stiff competition following deregulation and globalization, while others refer to the decreasing frequency of price revisions by firms in response to disinflation.
Inevitably, the outlook for the future differs depending on the hypothesis favored. Actual economic developments always entail uncertainty, and not only for the reasons I just stated. Just as with other economic challenges, a final resolution to the problems posed by inflation dynamics may be too much to ask for.