Abstract
Any consensus that may have existed at the beginning of the last decade concerning the Phillips curve (PC) has disappeared.While the notion of a PC continues to influence discussions of a potential trade-off involved in anti-inflation programs, detailed discussions of the Phillips curve seem to have lost currency in public policy discussions and in the literature. This paper attempts to explain some of the major differences in theoretical discussions of the PC. I attempt to develop, and test, a hypothesis supporting the view that there is no systematic relationship between inflation and unemployment.
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