第二个教训是菲利普斯曲线代数公式中的两个斜率都较20世纪70年代甚至80年代出现了大幅下降。 菲利普斯曲线描述预期通胀和当前通胀之间的关系。
The second lesson is that the two slope coefficients in the algebraic equation that is the Phillips curve – the link between expected inflation and current inflation, and the responsiveness of future inflation to current unemployment – are both much smaller than they were back in the 1970s or even in the 1980s.