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What is Understanding the Phillips Curve Dynamics about?

The document discusses the Phillips curve, which shows the inverse relationship between unemployment and inflation rates in the short run. It was originally observed empirically in the UK, but Milton Friedman argued it only applies in the short run. In the long run, inflation expectations adjust and there is no tradeoff - the Phillips curve becomes vertical at the natural rate of unemployment. The curve shifts over time as expectations change to match actual inflation rates.

Author

Guddu Pandit

Language

EN