And there is a downward sloping short-run Phillips curve that shows a tradeoff between inflation and unemployment due to  See Figura and Waller (2022) for a discussion of how much unemployment necessarily needed to rise to bring inflation down toward the FOMC's 2 percent target. This view was not universal, see Blanchard, Domas and Summers (2022).
4  -6some nominal price or wage stickiness in the economy. The short-run Phillips curve assumes a given level of inflation expectations. If inflation expectations increase, the short-run Phillips curve shifts up. So, if inflation expectations have increased in recent history, we would move from a lower to a higher Phillips curve, as shown by the vertical shift up in the dots.