From the discussion above, some economists’ arguments can show that Phillip’s CurveCurve is no longer useful. From the many arguments however, it is evident that Phillip’s CurveCurve is not really dead since its usefulness can be seeing where banks and monetary institutions are prompted to use it in regulating employment rates. For instance, Figure 1 above shows that the Phillips curve is still valid. For example, from 2000 to 2004, unemployment rate increased as inflation rate reduced. Furthermore, although there have been so many contradictions on Phillip’s CurveCurve due to the decline of its slope, it still has remained to be the main instrument for predicting and understanding Inflation in banks. We have thus concluded that Phillip’s CurveCurve is not really dead but just dormant.
Brenner, R. (1977). The death of Phillips curve reconsidered. The quarterly Journal of Economics 91 (3), 389-418.
Fuhrer, J. (1995). The Phillips curve is alive and Well. Retrieved from: New England Economic Review, 41-57.
Hooper, P. et al. (2020). Prospects for Inflation in high pressure economy: Is the Phillips curve dead or just hibernating? Retrieved from: Research in Economics 74 (1), 26-62.
Humphrey, T. (1985). The early history of the Phillips curve. Retrieved from: Economic review 71 (5), 17-24.
Murphy, A. The death of Philips curve? Retrieved from: papers.ssrn.com.
Niskanen, C. (2002). On the death of Phillips curve. Retrieved from: Cato J.22, 193.
Santomero, A. & Seater, J. (1978). The Inflation-unemployment trade-off: A critique of the literature. Journal of Economic literature 16 (2), 499-544.
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