The original Phillips Curve trade-off between inflation and unemployment works as long as

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The Phillips Curve trade-off between inflation and unemployment works as long as expectations about inflation do not change. This is because if individuals expect higher inflation, they will demand higher wages, causing firms to increase prices and resulting in higher inflation without a corresponding decrease in unemployment. Similarly, if individuals expect lower inflation, they will be willing to accept lower wages, which can result in lower inflation at the cost of higher unemployment. Therefore, changes in inflation expectations can disrupt the Phillips Curve relationship.

The Original Phillips Curve Trade-Off Between Inflation and Unemployment Works