Some policymakers have concluded from Phelps’ analysis that the unemployment rate cannot be lowered permanently without ever-increasing levels of inflation. Thus, monetary authorities should simply focus on price stability by targeting the rate of unemployment at which inflation does not increase, referred to as the “non-accelerating inflation rate of unemployment” (NAIRU).
这一见解可能会带来两种政策。一些政策制定者从菲尔普斯的分析总结说，失业率不可能会被永久地降低而不带来通货膨胀率的持续上升。因此，货币管理当局只需把注意力放在价格的稳定上，其做法是找到一个合适的失业率水平，在该水平上通货膨胀率不会上升，称作“非加速通货膨胀的失业率”（NAIRU）。