Question

1) What in the world is the "Phillips Curve"?? How would you describe it to your...

1) What in the world is the "Phillips Curve"?? How would you describe it to your sibling, parent, grandparent, 5th grade classroom?

2) What's so funky about the "Phillips Curve" in Australia? What does the article point as the main issue with the model?

3) Who is Philip Lowe and what did he say about the "Phillips Curve"?

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Answer #1

1. Philips curve is a shows how inflation and unemployment are related. Inflation is the sustained rise in the general price level and the unemployment rate is the portion of the labor force not having a job. Philips curve shows that there is a historically inverse relationship between the price level and unemployment. This means when price level goes up, unemployment falls (i.e. more people get jobs) and when price level falls, unemployment goes up (i.e. fewer people have jobs).

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