dealers in the debt market are on going. it is our expectation that this will significantly increase the retail end of the market. ( v ) plans are underway to introduce a bond calendar. this will improve predictability and regularize debt issuance. the successful implementation of the above reforms will largely depend on your continued cooperation. turning to today ’ s event, i wish to acknowledge the role this year ’ s award winner has played especially in providing more consistent coverage and pricing in the primary auctions and repo operations. i applaud your efforts and i call upon all the primary dealers to work harder this year to fulfill their market obligations. bis central bankers ’ speeches ladies and gentlemen, it is with great pleasure that i announce that stanbic bank uganda ltd is the primary dealer of the year 2011. i now invite the managing director to receive the award. congratulations and i thank you. bank of uganda kampala bis central bankers ’ speeches

john c williams : discussion of " prospects for inflation in a high pressure economy : is the phillips curve dead or is it just hibernating? " by peter hooper, frederic s. mishkin, and amir sufi remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the us monetary policy forum, new york city, 22 february 2019. * * * accompanyting tables and figures of the speech. as prepared for delivery. the phillips curve is the connective tissue between the federal reserve ’ s dual mandate goals of maximum employment and price stability. despite regular declarations of its demise, the phillips curve has endured. it is useful, both as an empirical basis for forecasting and for monetary policy analysis. the paper by peter hooper, rick mishkin, and amir sufi — hms for short — provides an in - depth analysis of key aspects of inflation dynamics in the united states and how they may have changed. this study is particularly timely against the backdrop of an emerging consensus that the phillips curve has become nearly flat. if this is true it would fundamentally alter the employment - inflation trade - offs the fed confronts. there is a lot to like about this paper : it synthesizes existing research, new analysis, and bridges the study of wages and prices. too often these are studied in isolation. but most significant, as someone who has discussed papers at the usmpf that reached the century mark in page count, this year ’ s paper came in at a relatively svelte 65 pages. i hope this represents a durable structural shift, and isn ’ t merely a reflection of the fact that this year ’ s paper has three authors rather than the usual four. the paper covers a lot of ground, so i will only summarize a few key takeaways. first, hms find evidence of asymmetric effects of unemployment on both price and wage inflation, with very low rates of unemployment leading to disproportionately large movements in inflation. that is, the phillips curve is very much alive in very tight labor markets. second, they find that the dynamics of price inflation have changed in important ways ; specifically, it has become less sensitive to the business cycle and less persistent. finally, they draw the policy conclusion that fed policymakers should not be complacent about the possibility of a resurgence of inflation in the context of a tight labor market. in my remarks, i will discuss two issues. first