Difference between revisions of "Phillips curve"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Phillips curve]]. The trade-off between unemployment and inflation. | :[[Phillips curve]]. The trade-off between unemployment and inflation. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Phillips curve]]. A negative relationship between inflation and unemployment; in its modern form, a relationship among inflation, cyclical unemployment, expected inflation, and supply shocks, derived from the short-run aggregate supply curve. | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 18:16, 2 July 2020
Phillips curve is the trade-off between unemployment and inflation.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Phillips curve. The trade-off between unemployment and inflation.
According to Macroeconomics by Mankiw (7th edition),
- Phillips curve. A negative relationship between inflation and unemployment; in its modern form, a relationship among inflation, cyclical unemployment, expected inflation, and supply shocks, derived from the short-run aggregate supply curve.
