“…Despite some early criticisms of the basic tenets of the Phillips Curve (Samuelson and Solow, 1960;Phelps, 1967;Friedman, 1968;Lucas, 1976), the hypothesis remains one of the most important foundations for macroeconomics. However, after 2008 Great Recession, many studies have challenged the validity of the Phillips curve (Ball and Mazumder, 2011;Russel and Banerjee, 2008;Paul, 2009;Bernanke, 2010;Karan Singh et al, 2011;Hall, 2011;Daly et al, 2012;Ojapinwa and Esan, 2013;Nub, 2013;Wimanda et al, 2013;Simionescu, 2014;Coibion and Gorodnichenko, 2015;Friedrich, 2016;IMF, 2013;Doser et al, 2017, Sovbetov andKaplan, 2019), when the unemployment rate rapidly scaled up, but inflation did not decline as much as the curve predicted it would 2 . They also underline the variability of the Phillips relationship across countries.…”