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Phillips, A.W. (1958) The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957. Economica, 25, 283-299.

has been cited by the following article:

• TITLE: The Modern Phillips Curve Revisited

  AUTHORS: Jinpeng Ma

  KEYWORDS: Phillips Curve; Business Cycle; Inflation; Unemployment

  JOURNAL NAME: Modern Economy, Vol.5 No.3, March 19, 2014

  ABSTRACT: The modern Phillips curve is about the relationship between the average rates of inflation and unemployment. We will provide additional empirical evidence in the US economy from 1948:01 to 2013:03 that helps demonstrate why such a relationship has been built on a wrong methodology, as revealed in Ma [1]. An erroneous approach can lead to a misunderstanding of business cycles and a wrongful implementation of monetary policy. In particular, the way how the two rates may evolve is now at a critical moment for the Fed to decide if an exit from its quantitative easing should be initiated.