The blue line is the Phillips curve based on data through the first half of the 1990s. The red line is the Phillips curve based on data since the second half of the 1990s. As you can see, the entire curve has shifted downward. This means that, even with the same economic conditions, the inflation rate is now lower than in the past.
*  *  *  I wish to thank the Almo Collegio Borromeo, its Rector and the President of the European Pole of Excellence Professor Dario Velo for doing me the honour of inviting me to give a lectio magistralis within these walls, imbued with history and science, and before such an accomplished audience.