In practice, inflation and interest rates must move together; the markets will not permit them to diverge beyond a band. Also in practice, the employment target is understood as a labor surplus; neither policymakers, nor academic economists, nor employers, are intellectually equipped to understand an economy that is not in labor surplus.
In practice, inflation and interest rates must move together; the markets will not permit them to diverge beyond a band. Also in practice, the employment target is understood as a labor surplus; neither policymakers, nor academic economists, nor employers, are intellectually equipped to understand an economy that is not in labor surplus.