One implication of the Phillips curve when it is unable to shift in the short run is that

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The Phillips curve shows a negative relationship between unemployment and inflation in the short run, meaning that policymakers face a tradeoff between low unemployment and low inflation. If the Phillips curve is unable to shift in the short run, this tradeoff remains and policymakers cannot easily stimulate the economy without risking inflation. This does not mean that fiscal and monetary policies have no impact on the economy or that the economy is in a liquidity trap. Additionally, there is no indication that fiscal policy is more effective than monetary policy in this situation.

One Implication of the Phillips Curve When It Is Unable