I’m a Phillips, and even I don’t trust the Phillips curve

Mention “Lombard Street” to an economist, and they’ll likely assume you’re talking about Walter Bagehot’s 1873 ur-text of central banking.

Lombard Street, San Francisco: More curves than a dame in a 1950s noir detective novel.(AP Photo)

But, for our purposes the more important Lombard Street is the serpentine San Francisco byway of that name.

Why? It’s the curves, stupid.

In economics, curves are a shorthand way of referring to widely accepted economic relationships....

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