what form did the phillips curve relationship take after 1970
Phillips curve While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.[1] In 1968, Milton Friedman asserted that the Phillips curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment.[2][3] Friedman then correctly predicted that in the 1973–75 recession, both inflation and unemployment would increase.[3] The long-run Phillips curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment.[4] In recent years the slope of the Phillips curve appears to have declined and there has been significant questioning of the usefulness of the Phillips curve in predicting inflation. Nonetheless, the Phillips curve remains the primary framework for understanding and forecasting inflation used in central banks.[5]
Leslie Phillips After his marriage to Angela Scoular in 1982 Phillips decided to move away from the kind of lecherous twits with suave chat-up lines which had characterised much of his previous work. Phillips has remained busy in both stage and television productions, along with character roles in films like Empire of the Sun (1987) directed by Steven Spielberg and Lara Croft: Tomb Raider (2001). Phillips also provided the voice for the Sorting Hat in the Harry Potter films appearing in Harry Potter and the Philosopher's Stone (2001) and Harry Potter and the Chamber of Secrets (2002) as well as reprising his role in the final film, Harry Potter and the Deathly Hallows Part 2 (2011). He has also appeared in British television sitcoms including Honey for Tea with Felicity Kendal and appeared in cameo roles in the popular series such as The Bill.