Inflation Rate Variability and the Phillips Curve

Avi Simhon and Ziv Bar‐Shira

Review of International Economics, 2001, vol. 9, issue 2, 329-335

Abstract: This paper studies the relationship between inflation and unemployment by focusing on the effect of inflation rate uncertainty on real wages, employment and output. The effect of inflation on employment is shown to depend on the relationship between the mean rate of inflation and the variability of its forecasts. This can explain why the Phillips curve is negatively slopped in some periods and undetermined or positively slopped in others.

Date: 2001
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