Unemployment and the Phillips Curve

The Phillips curve is based on the notion that there will always be an excess of labor. Now, if you put out a job, you get nothing. Central banks who are trying to crush demand by increasing interest rates are assuming that the rate of unemployment will rise and that will cause wages to fall. What we're now looking at is a total, total change, which I think is not the Nairu, the noninflation acceleration rate of unemployment. I think it's the inflation acceleration rate of Unemployment.