Definition: [crh] A graph that supposedly shows the relationship between inflation and unemployment. It is conjectured that there is a simple trade-ofDefinition: f between inflation and unemployment (high inflation and low unemployment, and low inflation and high unemployment). Named after A.W. Phillips. Obviously, the relation between these important Definition: ="/?rd=macroeconomic">macroeconomic variables is more complicated than this simple graph would suggest. For a modern treatment, see work of Robert Lucas.
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