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Phillips curve SOST MERC CONCORR

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In the diagram, the long-run Phillips curve is the vertical red line.
en.wikipedia.org
He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation.
en.wikipedia.org
Worse, as far as many economists were concerned, was that the Phillips curve had little or no theoretical basis.
en.wikipedia.org
One practical use of this model was to provide an explanation for stagflation, which confounded the traditional Phillips curve.
en.wikipedia.org
The latter theory, also known as the natural rate of unemployment, distinguished between the short-term Phillips curve and the long-term one.
en.wikipedia.org
His best-known contribution to economics is the Phillips curve, which he first described in 1958.
en.wikipedia.org
It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curve.
en.wikipedia.org
This means in the long-run, inflation can not induce increases in output, which means the Phillips curve is vertical.
en.wikipedia.org
A fundamental concept in inflation analysis is the relationship between inflation and unemployment, called the Phillips curve.
en.wikipedia.org
This exhibits a Phillips curve relationship, as inflation is positively related with output (i.e. inflation is negatively related with unemployment).
en.wikipedia.org

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