why is the long run philips curve vertical
Phillips curve In the 1970s, new theories, such as rational expectations and the NAIRU (non-accelerating inflation rate of unemployment) arose to explain how stagflation could occur. The latter theory, also known as the "natural rate of unemployment", distinguished between the "short-term" Phillips curve and the "long-term" one. The short-term Phillips Curve looked like a normal Phillips Curve, but shifted in the long run as expectations changed. In the long run, only a single rate of unemployment (the NAIRU or "natural" rate) was consistent with a stable inflation rate. The long-run Phillips Curve was thus vertical, so there was no trade-off between inflation and unemployment. Edmund Phelps won the Nobel Prize in Economics in 2006 in part for this work. However, the expectations argument was in fact very widely understood (albeit not formally) before Phelps' work on it.[20]
Eleanor Rigby The song is often described as a lament for lonely people[16] or a commentary on post-war life in Britain.[17][18]
.properties Each parameter is stored as a pair of strings, one storing the name of the parameter (called the key), and the other storing the value.
Is It Fall Yet? The film chronicles the characters' summer break between seasons four and five.