C:\Documents and Settings\Gregor Smith\My Documents\papers\map\jmcb\07-224.dviGREGOR W. SMITH Japan’s Phillips Curve Looks Like Japan During the past fifteen years Japan has experienced unprecedented, high unemployment rates and low (often negative) inflation rates. This research shows that these outcomes were predictable as part of a stable, readily recognized Phillips curve. JEL codes: E31, E24 Keywords: Phillips curve, Japan I thank Katsumi Shimotsu for helpful comments
