n the 1960s, the phillips curve was . a. a very popular explanation for inflation fluctuations b. consistent with a clear negative relationship between inflation and unemployment c. suggestive of a permanent trade off between inflation and unemployment d. all of the above e. none of the above

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08-11-2022
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n the 1960s, the phillips curve was . a. a very popular explanation for inflation fluctuations b. consistent with a clear negative relationship between inflation and unemployment c. suggestive of a permanent trade off between inflation and unemployment d. all of the above e. none of the above

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qwdeeppink qwdeeppink · Answer 1 · 2022-11-12T06:29:34+01:00

The correct answer is option D. In the 1960s, it was thought that any fiscal stimulus would boost aggregate demand and start the subsequent consequences.

Companies raise wages to compete and draw talent from a smaller talent pool as labor demand rises, the number of unemployed employees falls as a result, and unemployment rates decline. Corporate salary costs rise, and businesses pass those costs forward to customers by raising prices.

Due to this belief system, many governments adopted a "stop-go" strategy in which a goal rate of inflation was set and the economy was expanded or contracted using monetary and fiscal measures to attain the target rate. However, with the rise of stagflation in the 1970s, the consistent trade-off between inflation and unemployment collapsed, casting doubt on the Phillips curve's applicability.

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