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| PHILIPS CURVE | the original curve posited a negative relationship between wages and unemployment, but late versions related unemployment to inflation rates.
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| The basic relationship among wages, prices, and productivity is | p = w - q
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| P=W=q= | p= rate of inflationw= rate of increase in nominal wagesq= rate of increase in labor productivity
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| Natural rate of unemployment | the level of unemployment where price and wage decisions are consistent; a level at which the actual inflation rate is equal to people's inflationary expectations, and cyclical unemployment is zero.
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| w= | f(u)+p^e
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| w=f(u)(read "a function of unemploiment")P^e | w= wage increasef(u)= relationship between unemployment and wage increasesP^e= inflationary expectations
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