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Unemployment and Inflation
Jack L. Treynor
Financial Analysts Journal
Vol. 31, No. 3 (May - Jun., 1975), pp. 21-23+26-28
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4477821
Page Count: 6
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The postwar evidence suggests that unemployment is associated with the rate of change in the inflation rate, rather than (as proponents of the Phillips Curve would argue) with the inflation rate itself. A constant inflation rate corresponds to unemployment of roughly five per cent; at any lower level of unemployment, the inflation rate will increase without limit.
Financial Analysts Journal © 1975 CFA Institute