A Cruise Around the Phillips Curve
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چکیده
For Britain, during the long period Phillips studied, an unemployment rate of about 2.5% was associated with a rise in wages of about 2% each year. Allowing for productivity growth, that was roughly consistent with stable prices. By and large, higher rates of unemployment were observed when prices were falling; lower rates were observed when prices were rising. The lower the rate of joblessness, the higher the rate of inflation.
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