Phillips curve
An inverse relationship between inflation and unemployment observed by Phillips (1958) and thought to describe an achievable tradeoff between the two macroeconomic ills. It was later found that the true relationship also depends on expectations of inflation in a way that prevents the unemployment rate from differing permanently from the NAIRU.

Browse by Subjects

Popular Terms In Economy

trade debt
Personal inflation rate
Wall Street Journal, The
take a position
asset management account