The Phillips curve is an economic model, named after Bill Phillips, that correlates reduced unemployment with increasing wages in an economy. While Phillips...

economics at the London School of Economics (LSE). He invented the Phillips curve relating level of employment and inflation in 1958. He also designed...

Friedman argued that a natural rate of inflation followed from the Phillips curve. This showed wages tend to rise when unemployment is low. Friedman argued...

Keynesian Phillips curve says that this period's inflation depends on current output and the expectations of next period's inflation. The curve is derived...

below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what...

In this case, the relation corresponding to the AS curve is normally derived from a Phillips curve relationship between inflation and the unemployment...

Indifference curve J curve Kuznets curve Laffer curve Lorenz curve Phillips curve Supply curve Aggregate supply curve Backward bending supply curve of labor...

economic activity, hence reducing output. The AS curve is upward sloping following a standard modern Phillips curve thought, in which a higher level of economic...

by new Keynesian economics is a model of inflation derived from the Phillips Curve and given its name by Robert J. Gordon. The model views inflation as...

rising prices, i.e. inflation. Phillips' findings were confirmed by other empirical analyses and became known as a Phillips curve. It quickly became central...

explanation of price levels and inflation, later Keynesians adopted the Phillips curve to model price-level changes. Some Keynesians opposed the synthesis...

in the figure. Consider the following logistical map for a modified Phillips curve: π t = f ( u t ) + b π t e {\displaystyle \pi _{t}=f(u_{t})+b\pi _{t}^{e}}...

long-run Phillips curve. While the short-run Phillips curve is based on a constant rate of inflationary expectations, the long-run Phillips curve reflects...

unemployment, according to a 1976 analysis. Both the Beveridge curve and the Phillips curve bear implicit macroeconomic notions of equilibrium in markets...

it is possible to move along a short run Phillips Curve (even though the NAIRU theory says that this curve shifts in the longer run) so that unemployment...

inflation and unemployment are inversely related, as depicted by the Phillips Curve. Stagflation presents a policy dilemma, as measures to curb inflation—such...

framework of the Phillips curve. Milton Friedman, assuming adaptive expectations, distinguished a series of short-run Phillips curves and a long-run one...

between output and prices represented by the Phillips curve, but the function breaks from the Phillips curve since only unanticipated price level changes...

framework. These fundamental tools, which combine the IS-LM model with the Phillips curve, made it possible to ascertain the macroeconomist's primary interest...

[Robert] Solow's incorporation of the Phillips curve into 'Keynesian' theory in a manner which traduced not only Phillips but also Keynes's careful work in...

applied to the Phillips curve analysis, the distinction between long and short term will be completely negated, that is, there is no Phillips curve, and there...

gross domestic product) in the Phillips curve model, while the other two factors lead to shifts in the Phillips curve. The built-in inflation originates...

1967. It combines aspects of the Harrod–Domar growth model with the Phillips curve to generate endogenous cycles in economic activity (output, unemployment...

short-run Phillips curve. Olivier Blanchard in his widely-used intermediate-level textbook uses the term IS–LM–PC model (PC standing for Phillips curve) for...

Keynesian Phillips curve. {\displaystyle \pi _{t}=\beta E_{t}[\pi _{t+1}]+\kappa y_{t}\qquad {\mbox{New Keynesian Phillips curve.}}} where κ = h [ 1...

developed, unemployment was shown to reduce inflation, following the Phillips curve, or to decelerate inflation, following the NAIRU/natural rate of unemployment...

The Phillips Machine, also known as the MONIAC (Monetary National Income Analogue Computer), Phillips Hydraulic Computer and the Financephalograph, is...

product rises and unemployment falls, as the economy moves along the Phillips curve. This is commonly described as "too much money chasing too few goods"...

described by the Phillips curve might hold, contrary to more recent macroeconomic theories such as the "expectations-augmented Phillips curve". If workers...

stagnant economic growth—stagflation. Conversely, Keynesians using the Phillips curve or cost-push inflation models of struggled to provide non-ad hoc explanations...