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In time workers will then expect inflation of 5%, and so will seek an increase of 5% in money wages. This leads to an increase in firms' costs, and so at this price level, real output falls, unemployment rises and we see a shift in the Phillips Curve from SRPC1 to SRPC2 (B to C). So whilst in the short run there is a trade off between inflation and unemployment, in the long run unemployment remains at the same level...
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In time workers will then expect inflation of 5%, and so will seek an increase of 5% in money wages. This leads to an increase in firms' costs, and so at this price level, real output falls, unemployment rises and we see a shift in the Phillips Curve from SRPC1 to SRPC2 (B to C). So whilst in the short run there is a trade off between inflation and unemployment, in the long run unemployment remains at the same level...
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