Definition of Phillips curve in English:

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Phillips curve

noun

Economics
A supposed inverse relationship between the level of unemployment and the rate of inflation.
Example sentences
  • Clearly, the linear relationship between unemployment and inflation posited by the Phillips curve does not hold.
  • The Phillips curve over-predicted wage gains, let alone unit costs and inflation.
  • Moreover, Keynesian explanations for inflation turned heavily on the Phillips curve, which postulated an inverse correlation between the level of unemployment and the rate of inflation.

Origin

1960s: named after Alban W. H. Phillips (1914–75), New Zealand economist.

For editors and proofreaders

Syllabification: Phil·lips curve

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