A Phillips Curve plots this quantity against unemployment, showing an inverse relationship in the short run.
James Tobin determined that the relationship between this quantity and the nominal interest rate was not one-to-one due to changes in liquidity preference. It comes in cost-push and demand-pull varieties, consequences of which are sometimes called shoe leather costs and menu costs. A Phillips Curve plots this quantity against unemployment, showing an inverse relationship in the short run. For 10 points, name this quantity measured by the Consumer Price Index, the rise in the general level of prices over a period of time.
James Tobin determined that the relationship between this quantity and the nominal interest rate was not one-to-one due to changes in liquidity preference.
inflation