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6. Expectations and the Phillips curve The following graph plots the long-run Phillips curve (LRPC) and short-run Phillips curve (SRPC 1 ) for an economy

6. Expectations and the Phillips curve

The following graph plots the long-run Phillips curve (LRPC) and short-run Phillips curve (SRPC₁) for an economy currently experiencing long-run equilibrium at point A (grey star symbol).

\ffrom A to B and then back to A from A to B permanently from A to B and then to C from A to B to C and then back to B directly from A to C

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