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Though the curve considered by us bears a name E. I. Phillips in memory of his empirical researches devoted to unemployment and a salary in Great Britain the first Irving Fischer, but not Phillips analysed dependence between inflation and unemployment.

Phillips presented this dependence in the form of the curve characterizing functional communication of these two sizes: the unemployment is higher, the gain of a monetary salary is more, the increase in prices is lower; and vice versa, the unemployment is lower and employment is higher, the gain of a monetary salary is more, the growth rate of the prices is higher.

Phillips's work was not so versatile as today's researches. It concentrated attention on a nominal salary and the actual unemployment rate since had no idea of concepts of inflationary expectations and natural unemployment rate yet.