Understanding the Phillips Curve and the Tradeoff between Inflation and Unemployment

The video tutorial explores the Phillips Curve, highlighting its role in illustrating the tradeoff between inflation and unemployment. It delves into historical data analysis, demonstrating the short-term nature of this tradeoff. The tutorial also examines recent data, revealing challenges and inconsistencies in the Phillips Curve's applicability, especially during the inflation targeting era. The video concludes by emphasizing the importance of data quality and introduces the concept of the long-run Phillips Curve, which will be discussed in the next video.

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