But, with the more frequent price changes lately, the Phillips curve has steepened. This steepening implies that monetary policy will affect inflation faster and with less effect on the unemployment rate than would occur if price changes were slower.
1  For a history of modern central banks, see Forrest Capie, Charles Goodhart, Stanley Fischer, and Norbert Schnadt, The Future of Central Banking: The Tercentenary Symposium of the Bank of England, 1994.