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The Complex Interplay of Inflation and Unemployment
Posted at 11:01 a.m. on Nov. 18, 2013
With Janet Yellen’s nomination for Federal Reserve Chair an imminent possibility, the Fed’s role in managing inflation and unemployment has been in the news.
Pew Research Center highlights this relationship: “The complex interplay between the Fed’s dual mandates is well captured in the spaghetti-bowl swirls of this New York Times chart, which covers more than eight decades of U.S. economic history. The twisting line traces average annual unemployment and core inflation (the Fed’s preferred measure, which excludes volatile food and energy categories) for each year since the onset of the Great Depression.”