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... with was to include the role of expectations in the Phillips Curve; thus the name 'expectations-augmented' Phillips curve. He argued that there were different Phillips Curves' for each level of expected inflation. If the economy expected inflation to occur then they would expect correspondingly higher wage rise. Friedman was assuming no 'money illusion'; people would simply anticipate inflation and account for it. He developed his best known thesis in his work 'Studies in the Quantity Theory of Money (1956)' and here he presented the idea that 'Inflation is always and everywhere a monetary phenomenon'. ...