Phillips curve framework
E48746
The Phillips curve framework is a macroeconomic concept that posits an inverse relationship between inflation and unemployment, shaping policymakers’ understanding of inflation dynamics and trade-offs in the postwar era.
All labels observed (5)
| Label | Occurrences |
|---|---|
| Phillips curve | 5 |
| New Keynesian Phillips curve | 1 |
| Phillips curve framework canonical | 1 |
| accelerationist Phillips curve | 1 |
| expectations-augmented Phillips curve by Milton Friedman | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T384126 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Phillips curve framework Context triple: [Great Inflation, influencedBy, Phillips curve framework]
-
A.
New Keynesian economics
New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
Economic Confidence Model
The Economic Confidence Model is Martin Armstrong’s proprietary cyclical forecasting system that predicts economic and financial market turning points based on a recurring 8.6-year cycle.
-
D.
Keynesian economics
Keynesian economics is a macroeconomic theory that emphasizes the role of aggregate demand and government intervention in stabilizing economic fluctuations and reducing unemployment.
-
E.
Infitah economic policy
Infitah economic policy was Egypt’s 1970s “open-door” strategy that shifted the country from state-led socialism toward economic liberalization, foreign investment, and a greater role for the private sector.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Phillips curve framework Target entity description: The Phillips curve framework is a macroeconomic concept that posits an inverse relationship between inflation and unemployment, shaping policymakers’ understanding of inflation dynamics and trade-offs in the postwar era.
-
A.
New Keynesian economics
New Keynesian economics is a modern macroeconomic framework that incorporates rational expectations and micro-founded price and wage rigidities to explain short-run economic fluctuations and justify active stabilization policy.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
Economic Confidence Model
The Economic Confidence Model is Martin Armstrong’s proprietary cyclical forecasting system that predicts economic and financial market turning points based on a recurring 8.6-year cycle.
-
D.
Keynesian economics
Keynesian economics is a macroeconomic theory that emphasizes the role of aggregate demand and government intervention in stabilizing economic fluctuations and reducing unemployment.
-
E.
Infitah economic policy
Infitah economic policy was Egypt’s 1970s “open-door” strategy that shifted the country from state-led socialism toward economic liberalization, foreign investment, and a greater role for the private sector.
- F. None of above. chosen
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
concept in macroeconomics
ⓘ
economic theory ⓘ macroeconomic framework ⓘ |
| appliesTo | short-run inflation-unemployment trade-off ⓘ |
| associatedWith | A. W. Phillips ⓘ |
| assumes |
imperfect adjustment of expectations
ⓘ
short-run nominal rigidities ⓘ |
| basedOn | empirical relationship between inflation and unemployment ⓘ |
| contrastsWith | classical view of money neutrality in the long run ⓘ |
| coreIdea |
higher unemployment is associated with lower inflation in the short run
ⓘ
lower unemployment is associated with higher inflation in the short run ⓘ |
| criticizedFor |
breakdown during stagflation in the 1970s
ⓘ
instability of the inflation-unemployment relationship over time ⓘ policy ineffectiveness under rational expectations ⓘ |
| distinguishedFrom | long-run Phillips curve with no trade-off ⓘ |
| extendedBy |
New Keynesian economics
ⓘ
surface form:
New Keynesian Phillips curve
forward-looking inflation expectations ⓘ models with nominal rigidities ⓘ |
| field | macroeconomics ⓘ |
| formalizedAs |
expectations-augmented Phillips curve by Edmund Phelps
ⓘ
Phillips curve framework self-linksurface differs ⓘ
surface form:
expectations-augmented Phillips curve by Milton Friedman
|
| hasVariant |
New Keynesian economics
ⓘ
surface form:
New Keynesian Phillips curve
Phillips curve framework self-linksurface differs ⓘ
surface form:
accelerationist Phillips curve
expectations-augmented Phillips curve ⓘ |
| implies | no long-run trade-off between inflation and unemployment under adaptive or rational expectations ⓘ |
| incorporates |
expectations-augmented Phillips curve
ⓘ
output gap ⓘ role of inflation expectations ⓘ supply shocks ⓘ |
| influenced |
design of inflation targeting regimes
ⓘ
output gap-based policy rules ⓘ |
| influencedPolicyIn |
1960s
ⓘ
1970s ⓘ postwar era ⓘ |
| originatesFrom | A. W. Phillips 1958 paper on wage inflation and unemployment in the United Kingdom ⓘ |
| positsRelationshipBetween |
inflation
ⓘ
unemployment ⓘ |
| relatedTo |
NAIRU concept
ⓘ
natural rate of unemployment ⓘ non-accelerating inflation rate of unemployment ⓘ |
| relationshipType | inverse relationship between inflation and unemployment ⓘ |
| usedBy |
central banks
ⓘ
fiscal authorities ⓘ macroeconomists ⓘ |
| usedIn | macroeconomic policy analysis ⓘ |
| usedToAnalyze |
costs of disinflation
ⓘ
inflation dynamics ⓘ monetary policy trade-offs ⓘ output-inflation trade-offs ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Phillips curve framework Description of subject: The Phillips curve framework is a macroeconomic concept that posits an inverse relationship between inflation and unemployment, shaping policymakers’ understanding of inflation dynamics and trade-offs in the postwar era.
Referenced by (9)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Phillips curve
this entity surface form:
expectations-augmented Phillips curve by Milton Friedman
this entity surface form:
accelerationist Phillips curve
this entity surface form:
New Keynesian Phillips curve
this entity surface form:
Phillips curve
this entity surface form:
Phillips curve
this entity surface form:
Phillips curve
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
→
relatedTo
→
Phillips curve framework
ⓘ
this entity surface form:
Phillips curve