| 单词 | Phillips curve |
| 释义 | Phillips curve A curve plotting the rate of increase of wages against unemployment. Lower unemployment is associated with greater increases in wages. The original Phillips curve was named after its inventor. The model has since been extended in two ways. First, the rate of inflation is often shown instead of wage increases, on the assumption that wage increases will lead to price increases, and that low unemployment is associated with excess demand, which leads directly to price increases. Second, the model has been extended to take account of inflationary expectations; the short-run expectations-augmented Phillips curve plots actual inflation against unemployment, with given inflation expectations. In the long run it is assumed that rational expectations leads the expected inflation rate to equal the actual rate, so that the long-run Phillips curve is very steep or even vertical at the non-accelerating inflation rate of unemployment (NAIRU). The horizontal axis shows the unemployment rate. The vertical axis shows the rate of wage increase. The Phillips curve ABC is drawn for a given level of expected price increase. B corresponds to the level of unemployment, OD, which gives rise to wage increases consistent with the expected rate of price inflation. Wage increases can exceed price increases to the extent that productivity is rising. OD is thus the non-accelerating inflation rate of unemployment (NAIRU). If actual unemployment is less than OD, inflation increases and ABC shifts upwards; if actual unemployment is greater than OD, inflation falls and ABC shifts downwards. ABC is usually assumed, as drawn, to be concave upwards: low unemployment is more effective in increasing inflation than high unemployment is in reducing it. See also: expectations-augmented Phillips curve |
| 随便看 |
|
英汉经管词典收录了3426条经济管理类英汉双解词条，基本涵盖了经济学、管理学、金融学、会计学、证券期货、商务活动等领域的常用英语单词及短语词组的翻译及用法，是学习及工作的有利工具。