expectations augmented Phillips Curve (EAPC) represents not just one curve, but a whole process and model. With reference to the diagram on the previous section, it combines: (i) the short-run Phillips curves (points A to B), (ii) the adjustment process as the simple, short run Phillips curve shifts up (points B to C), and (iii) Long Run Equilibrium (LRE) with the vertical Phillips curve (points A, F and G).
