The second lesson is that the two slope coefficients in the algebraic equation that is the Phillips curve – the link between expected inflation and current inflation, and the responsiveness of future inflation to current unemployment – are both much smaller than they were back in the 1970s or even in the 1980s.
Deuxième leçon : les deux coefficients qui interviennent dans l'équation de Phillips [relation empirique entre inflation et chômage] sont beaucoup plus petits qu'ils ne l'étaient au cours des années 1970 ou même 1980.