Tag: International trade

The changes of Phillips curve under global economy, from two aspects of international trade and international finance to discuss Phillips curve —relationship between inflation and unemployment.

Introduction During the Great Depression which was a severe worldwide economic depression in the decade preceding World War?, western countries experienced the high unemployment rate. In 1936, Keynes who is a British economist published the famous “The general theory of employment, interest and money”. The theory was helpful for policy makers to tackle unemployment. (Mankiw,G …