NATIONAL-ECONOMY SIGNIFICANCE AND INTERPRETATION OF PHILLIPS-CURVE

The presented paper analyses the relationship between rate of inflation and rate of unemployment under the conditions of socio-market economy. The relationship is studied by means of the original Phillips curve, short-run and long-run Phillips curve, etc. A special attention is paid to the NAIRU project (Non-Accelerating Inflation Rate of Unemployment project), that is the rate of unemployment with a non-accelerating inflation. In the closing part of the paper the author accentuates the necessity of macroeconomic regulation of the rate of unemployment and the rate of inflation with timing adequate economic measures and instruments. The article is of macroeconomic character and it comprises microeconomic interpretation of the studied relationship, as well.