Map of Tulln

Map of Tulln for It is in this sense that one often hears of the Phillips Curve as illustrating the trade-off that exists between inflation and unemployment. Higher unemployment rates are associated with lower inflation rates while lower unemployment rates are associated with higher rates of inflation. The expected inflation term picks up the idea that there is inflationary momentum in the economy. That is, if people form their expectations about current inflation from what the inflation rate has actually been in the immediate past, then there is a built-in source of inflation pressure. For example, if inflation has been high the last couple of periods, it is likely that business owners and workers will expect it to be high in the current period. Thus, they will set their prices and wages in accord with this expectation. Since inflation is the actual percentage change in prices, then to the extent that people raise their prices in anticipation of inflation they are, in fact, placing pressure on prices to rise. Map of Tulln 2016.

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