Phillips curve
Modern application

The "short-run Phillips curve" is also called the "expectations-augmented Phillips curve", since it shifts up when inflationary expectations rise, Edmund Phelps and Milton Friedman argued. In the long run, this implies that monetary policy cannot affect unemployment, which adjusts back to its " natural rate ", also called the " NAIRU ". The popular textbook of Blanchard gives a textbook presentation of the expectations-augmented Phillips curve.
detectable_format:json_format, combination:repeat_prompt