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We identify for each country three distinct regimes in inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the timings of the transitions between regimes. However, the typical rates of inflation and unemployment experienced in the regimes are substantially different. Further, even within a given regime, the results of the clustering show persistent fluctuations in the degree of attachment to that regime of inflation/unemployment observations over time. The economic implications of the results are that, first, the inflation/unemployment relationship experiences from time to time major shifts. Second, that it is also inherently unstable even in the short run. It is likely that the factors which govern the inflation/unemployment trade off are so multi-dimensional that it is hard to see that there is a way of identifying periods of short run Phillips curves which can be assigned to particular historical periods with any degree of accuracy or predictability. The short run may be so short as to be meaningless. The analysis shows that reliance on any kind of trade off between inflation and unemployment for policy purposes is entirely misplaced."},"dsDescriptionDate":{"typeName":"dsDescriptionDate","multiple":false,"typeClass":"primitive","value":"2009"}}]},{"typeName":"keyword","multiple":true,"typeClass":"compound","value":[{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Phillips curve"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Inflation"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Structural change"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Fuzzy clustering"}}]},{"typeName":"topicClassification","multiple":true,"typeClass":"compound","value":[{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"C19"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"E31"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"N10"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}}]},{"typeName":"publication","multiple":true,"typeClass":"compound","value":[{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Paul Ormerod, Bridget Rosewell, and Peter Phelps (2009). Inflation/Unemployment Regimes and the Instability of the Phillips Curve. Economics Discussion Papers, No 2009-43. <a href=\"http://www.economics-ejournal.org/economics/discussionpapers/2009-43\"> http://www.economics-ejournal.org/economics/discussionpapers/2009-43</a>"}}]},{"typeName":"producer","multiple":true,"typeClass":"compound","value":[{"producerName":{"typeName":"producerName","multiple":false,"typeClass":"primitive","value":"Volterra Consulting, London"}}]},{"typeName":"productionDate","multiple":false,"typeClass":"primitive","value":"2009"},{"typeName":"distributor","multiple":true,"typeClass":"compound","value":[{"distributorName":{"typeName":"distributorName","multiple":false,"typeClass":"primitive","value":"Economics: The Open-Access, Open-Assessment E-Journal"},"distributorURL":{"typeName":"distributorURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org"},"distributorLogoURL":{"typeName":"distributorLogoURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org/logo.png"}}]},{"typeName":"distributionDate","multiple":false,"typeClass":"primitive","value":"2009"},{"typeName":"dateOfDeposit","multiple":false,"typeClass":"primitive","value":"2009-11-03"},{"typeName":"timePeriodCovered","multiple":true,"typeClass":"compound","value":[{"timePeriodCoveredStart":{"typeName":"timePeriodCoveredStart","multiple":false,"typeClass":"primitive","value":"1871"},"timePeriodCoveredEnd":{"typeName":"timePeriodCoveredEnd","multiple":false,"typeClass":"primitive","value":"2009"}}]},{"typeName":"kindOfData","multiple":true,"typeClass":"primitive","value":["aggregate data"]}]},"socialscience":{"displayName":"Social Science and Humanities Metadata","name":"socialscience","fields":[{"typeName":"timeMethod","multiple":false,"typeClass":"primitive","value":"Time series"},{"typeName":"frequencyOfDataCollection","multiple":false,"typeClass":"primitive","value":"annual"}]}},"files":[{"description":"inflation and unemployment rates for the UK, Germany, and the US","label":"Dataset dp 2009-43.xls","restricted":false,"version":1,"datasetVersionId":51754,"dataFile":{"id":1526882,"persistentId":"doi:10.7910/DVN/91YCEE/AY8699","pidURL":"https://doi.org/10.7910/DVN/91YCEE/AY8699","filename":"Dataset dp 2009-43.xls","contentType":"application/vnd.ms-excel","friendlyType":"MS Excel Spreadsheet","filesize":43008,"description":"inflation and unemployment rates for the UK, Germany, and the US","storageIdentifier":"s3://dvn-cloud:52553","rootDataFileId":-1,"md5":"2b7c2a7c116540406f6419c42e4b1165","checksum":{"type":"MD5","value":"2b7c2a7c116540406f6419c42e4b1165"},"tabularData":false,"creationDate":"2009-11-04","publicationDate":"2009-11-25","lastUpdateTime":"2009-11-26T10:23:32Z","fileAccessRequest":false}}]}}}