The Phillips curve was invented by UK economist Alban William Phillips, who observed a correlation between nominal wage growth and the unemployment rate for the period 1861 to 1957. The original version of the curve implies a trade-off between unemployment and inflation. Empirical evidence shows, however, that the relationship is not nearly as simple as that. Over the past 50 years, the Phillips curve has time and again been hotly debated, leading to numerous modifications.

Guests in the official gallery, from left to right: Mr Troeger (Bundesbank Deputy President), Mr Vocke (former President, Bank deutscher Länder), Mr Bernard (former President, Bank deutscher Länder), Mr Könneker (former Bundesbank Director)