The Phillips curve and anti-Phillips curve in the U.K.

Looking at two pictures below, please decide which is closer to reality. I have found  a version of the Phillips curve for the U.K. in this paper - "What Drives Inflation in the Major OECD Economies?" by
Diego Moccero, Shingo Watanabe, Boris Cournède. To my mind, their presentation is misleading if compared to the anti-Phillips curve where unemployment lags behind inflation.

Their figure:
My figure: 


I do not understand what makes economists to have so strong prejudice against inflation leading unemployment when it is really  observed. Smells as a sect.

0 komentar:

Post a Comment

Blog Archive