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In the short run, when wages and prices are assumed to be fixed, there can be no inflation and thus the Phillips curve makes no sense over this very brief time frame. But in the medium run (in this chapter also often referred to as the short run), the Phillips curve is downward sloping as inflationary expectations are assumed to be constant. In the long run, the Phillips curve is vertical at the natural rate of unemployment, which corresponds to the vertical long-run AS-curve at the full-employment level of output.[此贴子已经被作者于2005-11-15 16:00:49编辑过]
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