Andreas Hornstein
Abstract
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In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.
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In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.
Key concepts: Phillips curve, Economics, Keynesian economics, Inflation (cosmology), Unemployment, Inflation rate, New Keynesian economics, Macroeconomics