In economics, the Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of inflation. While it has been observed that there is a stable short run tradeoff between unemployment and inflation, this has not been observed in the long run.
Read more about Phillips Curve: History, Mathematics and The Phillips Curve, NAIRU and Rational Expectations, Theoretical Questions
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