Introduction to the New Keynesian Phillips Curve
FRB Richmond Economic Quarterly, Vol. 94, No. 4, Fall 2008, pp. 301-309
9 Pages Posted: 12 Dec 2012
Date Written: 2008
In most industrialized economies inflation tends to be pro-cyclical; that is, inflation is high during times of high economic activity. When economic activity is measured by the unemployment rate this statistical relationship is known as the Phillips curve.
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