Phillips Curves---These graphs demonstrate inflation as correlated to unemployment, generally an inverse relationship (one goes up and the
other goes down). These diagrams are named for economist William Phillips of New Zealand [1] who drew the first Phillips Curve. Most Phillips Curves show inflation on the Y axis and unemployment on the x-axis. Some curves are exponential (changing slopes) and some are straight line (constant slope).
One graph as of late shows inflation on the Y axis, and the output of the economy [2] on the x-axis.
The Phillips Curve posted above shows both the UNRATENSA and CPIAUCSL (both of which are acronyms for data series from FRED
at the St. Louis Federal Reserve Bank), and these data series are recorded twelve times per year on the first day of each month.
Time runs through Jan 1948 to April of 1969.
[1] Thanks are in order to Wikipedia for help with this definition
[2] Thanks are in order to Professor Paul Krugman and the New York Times for this particular graph
other goes down). These diagrams are named for economist William Phillips of New Zealand [1] who drew the first Phillips Curve. Most Phillips Curves show inflation on the Y axis and unemployment on the x-axis. Some curves are exponential (changing slopes) and some are straight line (constant slope).
One graph as of late shows inflation on the Y axis, and the output of the economy [2] on the x-axis.
The Phillips Curve posted above shows both the UNRATENSA and CPIAUCSL (both of which are acronyms for data series from FRED
at the St. Louis Federal Reserve Bank), and these data series are recorded twelve times per year on the first day of each month.
Time runs through Jan 1948 to April of 1969.
[1] Thanks are in order to Wikipedia for help with this definition
[2] Thanks are in order to Professor Paul Krugman and the New York Times for this particular graph