Contrary to what the Phillips curve would have predicted, the U.S. economy in the 1970s experienced simultaneous increases in both inflation and unemployment.

Name: Contrary to what the Phillips curve would have predicted, the U.S. economy in the 1970s experienced simultaneous increases in both inflation and unemployment.
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This is known as stagflation and it challenged the traditional relationship between inflation and unemployment that was predicted by the Phillips curve.

Contrary to What the Phillips Curve Would Have Predicted, the U.S