This paper is organized in three parts. First, we present the logic and original evidence for Phillips Curve and NAIRU. We show that the sources of increased labor supply during the past two expansions have shifted significantly compared with the experience of the 1970's business cycle. The...

This paper is organized in three parts. First, we present the logic and original evidence for Phillip's Curve and NAIRU. We show that the sources of increased labor supply during the past two expansions have shifted significantly compared with the experience of the 1970's business cycle. The...