2003•Economist on CD-ROM/EconomistRequires access

Reconsider the True Value of Phillips Curve

Cui Jian-jun

Abstract

The true value of Phillips Curve doesn't lie in the replacement between unemployment rate and inflation rate but in illustrating the situation of economic operation. The short-term Phillips Curve can be divided into six types, while the long-term Phillips Curve is quite irregular. It's more significant to study the short-term Phillips Curve to carry out macroeconomic control.

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Key concepts: Phillips curve, Economics, Inflation (cosmology), Term (time), Unemployment, Value (mathematics), Keynesian economics, Yield curve