Phillips curve

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English

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Etymology

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Named after New Zealand economist William Phillips (1914–1975).

Noun

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Phillips curve (plural Phillips curves)

  1. (economics) A single-equation empirical model describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.
    • 1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, →ISBN, page 192:
      An explanation of stagflation is not an explanation at all unless it includes a general explanation of why a Phillips curve should have this or that slope, and why the curve shifts if it is alleged to shift.
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