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This presidential address is the origin of the vertical long-run Phillips curve, along with a contemporary paper by Edmund S. Phelps. It introduced the idea
This presidential address is the origin of the "vertical long-run Phillips curve," along with a contemporary paper by Edmund S. Phelps. It introduced the idea of a "natural" rate of unemployment as the only rate compatible with the sustained coin- cidence of actual and expected rates of inflation. This is the basis of the conclusion that the Phillips curve is vertical in the long run, allowing only a temporary trade-off between unemployment and inflation. From this followed possible implications for
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