' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

The response of US inflation to the high levels of spare capacity during the Great Recession of 2007-09 was rather … muted. At the same time, it has been argued that the short-term unemployment gap has a more prominent role in determining … inflation, and either the closing of this gap or non-linearities in the Phillips curve could lead to a sudden pick-up in …