BoE’s Mann presents ‘nuanced’ version of Phillips curve
Drift in medium-term inflation expectations requires more forceful action, policy-maker says
Bank of England policy-maker Catherine Mann outlined a “nuanced” inflation model in remarks on September 5, concluding the analysis called for stronger monetary tightening.
Mann outlined a form of Phillips curve – which links inflation and economic slack – that does not simply depend on past inflation. Her version “depends as well on markets, firms and households’ expectations and, crucially, how these expectations react to each other, are formed over time, and interact with our and others’
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