text: Franco Modigliani argued that this construct was only applicable for values below a level he termed NAIRU.
full_question: Franco Modigliani argued that this construct was only applicable for values below a level he termed NAIRU. Additional research surrounding the two central parameters of this construct was called for in the Phelps Volume. Milton Friedman attacked this construct for its lack of relevance in the long term, in which it becomes a vertical line at one of its chief parameter's "natural rate." Stagflation directly contradicts the relationship predicted by, for 10 points, what economic "curve" that shows an inverse relationship between inflation and unemployment?
first_sentence: Franco Modigliani argued that this construct was only applicable for values below a level he termed NAIRU.