NAIRU ·
Where Inflation Stops Accelerating
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.com · Friedman 1968 · Phelps 1967 · expectations-augmented Phillips curve
Inflation Δ
—
Unemployment
—
Stage
idle
Short-run Phillips curve
Long-run PC — vertical at NAIRU
Above NAIRU — Δπ < 0
Below NAIRU — Δπ > 0
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