Compose a 1500 words assignment on the significance of inflation expectations in the monetarist phillips curve and t0he implications for the conduct of economic policy. Needs to be plagiarism free! Inflation has been one of the most widely discussed topics by economist of the twenty first century. The term can simply be defined a general and persistent increase in the price level over a period of time Major economies of the world have been affected by it and economic analysts throughout the world have put in their expertise to curtail the damages that inflation is capable of doing to an economy. Mr. Alban William Phillips was one of those economists who will always be remembered for his contribution to the world of economics. He’s gathered fame all over the world for his research on inflation and unemployment. He started his work by gathering ninety five years of data relating to the UK wage inflation and unemployment. He was of the view that there is some direct or indirect link among these two important economic indicators. When he plotted the data on a graph, Mr. Phillips concluded that there is an inverse relationship between the rate of unemployment and the level of inflation in an economy. According to Mr. Philips there was a tradeoff between unemployment and inflation. High levels of unemployment tend to be linked with low levels of inflation and vice versa. Accordingly, if the government would want to reduce the unemployment rate it then it would have to settle with high rates of inflation. The Phillips curve concluded that deciding upon whether to have high rates of unemployment or to go for high rates of inflation was merely a matter of government policy as the two of them could not be achieved together – they were mutually exclusive.
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