The shifting Phillips curve in practice
{"Image DocumentName": "The shifting Phillips curve in practice", "Image ImageDescription": "(continued): (4) Monetary policy was expansionary in the 1970s, leading to high and volatile inflation. Because inflation was volatile, expected inflation was volatile too, hence the Phillips curve shifted a lot ; (5) Plotting unanticipated inflation against cyclical unemployment shows a fairly stable relationship since 1970.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}