In addition, the smaller coefficient on unemployment gaps in traditional Phillips-curve models, which seems to imply that the sacrifice ratio has gone up, might lead us to think that reducing inflation is very costly because it requires long periods of high unemployment.
As a result, policymakers might decide that such an attempt would not be worthwhile and so would be less likely to try to reduce inflation if it were undesirably high. If used in model simulation exercises, the flatter Phillips curve might also suggest that getting inflation down to a particular desired level could take an inordinately long time.