DEVELOPMENTS WITHIN THE ECONOMY and the profession in recent years have
generated a marked swing toward pessimism in the appraisal of the tradeoff between …

THE ASSOCIATION between. he inflation rate and the level of aggregate demand, and the
related concept of the natural unemployment rate, have been perennial Brookings Panel …

I. Introduction pWENTY YEARS have passed since Pro-fessor AW Phillips first brought the
attention of the economics profession to the relationship between inflation and …

In the past several decades, professional views on the relation between inflation and
unemployment have gone through two stages and are now entering a third. The first was the …

Transmitted herewith is a study of the relation between employment and inflation entitled"
The Inflation Process in the United States," by Otto Eckstein and Roger Brinner of Harvard …

An economic policy which is designed to stabilize aggregate economic activity must be
based on three fundamental decisions. They are, first, the decision on the optimum pressure …

THE OUTSTANDING PROBLEM of contemporary macroeconomic policy in the United
States is the unfavorable trade-off that exists between unemployment and inflation. Many …

WHAT RATES OF INFLATION will accompany various unemployment rates? This question
is the central concern of stabilization policy today and also a major source of uncertainty for …

The coincidence of high rates of un-employment and high rates of inflation, seemingly
apparent in several countries for sustained periods of time, has led to a rethinking of the …

The Phillips curve was initially formulated as a relationship between the rate of wage
change and unemployment, yet what matters for stabilization policy is the rate of inflation …