Dictionary

Phillips curve en · NOUN

Etymology

Named after New Zealand economist William Phillips (1914–1975).

Meanings

1. A single-equation empirical model describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.
   • An explanation of stagflation is not an explanation at all unless it includes a general explanation of why a Phillips curve should have this or that slope, and why the curve shifts if it is alleged to shift. 1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, →ISBN, page 192:

Forms