Phillips curve hypothesis
Which of the following statements is true of the U.S. experience with regards to the Phillips
I. Values of inflation and unemployment rates during the 1960s are atypical in that they
generally conformed to the tradeoff implied by the Phillips curve.
II. Annual observations of inflation and unemployment from 1961 to 2008 do not seem
consistent with a Phillips curve.
III. Annual observations of inflation and unemployment from 1961 to 2008 seem consistent
with a Phillips curve
I and II only
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