Accessible Version
Nonlinear Phillips Curves, Accessible Data
Figure 1a: United States inflation-unemployment rate tradeoff
A scatterplot of the United States inflation rate against the unemployment rate using annual data from 1980 through 2022 for 22 Metropolitan Statistical Areas and the nation as a whole. The green circles plot the annual headline Consumer Price Index inflation rate against the annual unemployment rate for the 22 Metropolitan Statistical Areas. The black squares plot the same information using aggregate national data.
Note: The green circles (black squares) in this figure plot the annual headline CPI inflation rate against the annual unemployment rate for the 22 MSAs (national aggregate) during our sample period from 1980 through 2022.
Figure 1b: European Union inflation-unemployment rate gap tradeoff
A scatterplot of the inflation rate against the unemployment rate gap using annual data from 1986 through 2021 for 28 European Union countries (all the current 27 members and the United Kingdom) and for the European Union as an overall aggregate. The green circles plot the annual inflation rate against the annual unemployment rate gap for each of these 28 countries. The black squares plot the same information for the European Union as an aggregate. Due to extreme outliers, Romania is excluded from the plot.
Note: The green circles (black squares) in the bottom panel plot the annual inflation rate against the annual unemployment gap for each of the EU countries (the EU aggregate) in our sample from 1986 through 2021. Due to extreme outliers, Romania is excluded from the plot.