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What is Inflation and Unemployment Tradeoff Explained about?

This document discusses the relationship between inflation and unemployment, known as the Phillips curve. It defines inflation and unemployment and explains that William Phillips discovered their inverse relationship in 1958. The Phillips curve shows that higher inflation is associated with lower unemployment and vice versa. However, in the long run the Phillips curve becomes vertical, meaning inflation and unemployment are unrelated. The natural rate of unemployment is determined by factors like skills mis

Author

Malik Huzaifa

Language

EN