Today, for a given rate of GDP growth, the corresponding inflation rate is substantially higher than it was over the past two decades. In other words, inflation – especially house-price inflation – has become an important constraint on growth.
但现在越来越多的证据表明菲利普斯曲线从2010年起已经开始改变。今天，为了实现设定的GDP增速，相应的通胀率要大幅高于过去20年。换句话说，通胀——特别是房价通胀——已经成为经济增长的重要制约因素。