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The fresh new Phillips bend dating between inflation and you may jobless which had looked to hold genuine throughout the 1960s don’t prevailed

The hassle so you’re able to nudge the newest economy back down the new Phillips curve to an unemployment price nearer to brand new natural peak and you will a beneficial straight down price away from rising prices exposed to an unsatisfied wonder within the 1970. Unemployment increased affirmed. But inflation rose! The new rising cost of living rates flower so you can 5.3% from the 1969 price out-of cuatro.8%.

Unemployment flower substantially, however, rising prices stayed an equivalent within the 1971. In 1972, one another rates fell. The fresh economy seemed to slide to the trend revealed by this new Phillips curve inside the 1973, given that rising cost of living flower while unemployment fell. Continua a leggere