La curva di Phillips

Throughout the history of capitalism, governments, states, economics institutions and, in particular, policy makers had tried to find out a mechanism that can help them to control and influence the key variables of an economy: the price level and the unemployment rate. How can an economy achieve the ¿full-employment¿? Can policy makers sharp the above-mentioned variables through monetary policy or fiscal policy? If they do it, how do price expectations influence the economy? How does unemployment affect inflation? In 1958 A. W. Phillips writes an article, published on Economica, where he shows to have found out ¿a relationship between unemployment and the rate of change of money wages in the United Kingdom¿, as the titled article. He find out a clear evidence of a negative relationship between inflation and the unemployment rate. Since then, the economics research regarding the so called Phillips curve has never stopped and the relationship investigated has continuously evolved in relation to the environmental changes. Therefore, it is widespread recognised that the curve represents a macroeconomics lynchpin to guide policy direction. Throughout this work, it will be treated the historical evolution of the Phillips curve and its policy implications since it has been discovered to the most recent years.