The Long-Run Phillips curve (LRPC) is drawn as a vertical line at the NAIRU (the Non-Accelerating Inflation Rate of Unemployment), and exemplifies the idea (adopted primarily by [[neoclassical]] economists) that in the [[long run]], the natural rate of unemployment will remain constant at the NAIRU, though the corresponding rate of inflation may change over time. | The Long-Run Phillips curve (LRPC) is drawn as a vertical line at the NAIRU (the Non-Accelerating Inflation Rate of Unemployment), and exemplifies the idea (adopted primarily by [[neoclassical]] economists) that in the [[long run]], the natural rate of unemployment will remain constant at the NAIRU, though the corresponding rate of inflation may change over time. |