Original paper

Nobel Lecture: Inflation and Unemployment

Volume: 85, Issue: 3, Pages: 451 - 472
Published: Jun 1, 1977
In the past several decades, professional views on the relation between inflation and unemployment have gone through two stages and are now entering a third. The first was the acceptance of a stable trade-off (a stable Phillips curve). The second was the introduction of inflation expectations, as a variable shifting the short-run Phillips curve, and of the natural rate of unemployment, as determining the location of a vertical long-run Phillips...
Paper Details
Nobel Lecture: Inflation and Unemployment
Published Date
Jun 1, 1977
451 - 472
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