How does the Phillips Curve differ in the short run and the long run?

How does the Phillips Curve differ in the short run and the long run?

In the short run, the Phillips Curve shows an inverse relationship between inflation and unemployment. This means that when unemployment is low, inflation tends to be high, and vice versa. This relationship is based on the idea that when the economy is operating below its potential, there is excess capacity and firms can increase output without pushing up prices. However, in the long run, the Phillips Curve becomes vertical or nearly vertical, indicating that there is no trade-off between inflation and unemployment. This is because in the long run, wages and prices adjust to changes in the economy, and any attempt to reduce unemployment below its natural rate will only result in higher inflation.