{
  "id": "long-run-phillips-curve",
  "name": "Long-run Phillips curve (expectations)",
  "unit": "macro",
  "unitName": "Unit 3 · Macroeconomics",
  "topic": "Phillips curve (HL)",
  "hl": true,
  "description": "Reducing unemployment below the natural rate (A → B) raises inflation; as expectations adjust the SRPC shifts up and unemployment returns to the NRU at higher inflation (B → C). The LRPC is vertical at the NRU.",
  "keywords": [
    "long-run Phillips curve",
    "LRPC",
    "NRU",
    "natural rate of unemployment",
    "expectations-augmented",
    "adaptive expectations",
    "accelerating inflation",
    "monetarist"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/long-run-phillips-curve",
  "previewUrl": "https://graphs.lectere.com/thumbs/long-run-phillips-curve.svg",
  "editorUrl": "https://graphs.lectere.com/graph/long-run-phillips-curve/",
  "params": [
    {
      "key": "path",
      "label": "Show the adjustment path A → B → C",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "repeat",
      "label": "Repeat the attempt (C → D → E)",
      "default": false,
      "type": "boolean"
    }
  ],
  "defaults": {
    "path": true,
    "repeat": false
  },
  "panels": [
    {
      "id": "main",
      "title": null,
      "xLabel": "Unemployment rate (%)",
      "yLabel": "Inflation rate (%)",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "main:x",
        "y": "main:y"
      }
    }
  ],
  "labels": [
    {
      "key": "main:y",
      "default": "Inflation rate (%)",
      "hint": "Vertical axis",
      "panel": "main"
    },
    {
      "key": "main:x",
      "default": "Unemployment rate (%)",
      "hint": "Horizontal axis",
      "panel": "main"
    },
    {
      "key": "main.lrpc",
      "default": "LRPC",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.srpc1",
      "default": "SRPC_1",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.srpc2",
      "default": "SRPC_2",
      "hint": "Curve",
      "panel": "main"
    },
    {
      "key": "main.a",
      "default": "A",
      "hint": "Point",
      "panel": "main"
    },
    {
      "key": "main.a:y",
      "default": "π_1",
      "hint": "Vertical-axis value",
      "panel": "main"
    },
    {
      "key": "main.a:x",
      "default": "NRU",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.b",
      "default": "B",
      "hint": "Point",
      "panel": "main"
    },
    {
      "key": "main.b:x",
      "default": "U_1",
      "hint": "Horizontal-axis value",
      "panel": "main"
    },
    {
      "key": "main.c",
      "default": "C",
      "hint": "Point",
      "panel": "main"
    },
    {
      "key": "main.c:y",
      "default": "π_2",
      "hint": "Vertical-axis value",
      "panel": "main"
    }
  ],
  "elements": [
    {
      "key": "main.lrpc",
      "kind": "curve",
      "label": "LRPC"
    },
    {
      "key": "main.srpc1",
      "kind": "curve",
      "label": "SRPC_1"
    },
    {
      "key": "main.srpc2",
      "kind": "curve",
      "label": "SRPC_2"
    },
    {
      "key": "main.a",
      "kind": "point",
      "label": "A"
    },
    {
      "key": "main.b",
      "kind": "point",
      "label": "B"
    },
    {
      "key": "main.c",
      "kind": "point",
      "label": "C"
    },
    {
      "key": "main.ab",
      "kind": "line"
    },
    {
      "key": "main.bc",
      "kind": "line"
    }
  ],
  "stats": null,
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    "template": "long-run-phillips-curve",
    "params": {
      "path": true,
      "repeat": false
    }
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}