许多“新经济”论者认为菲利普斯曲线已在美国“新经济”中失效 ,传统经济学理论已经无法解释美国“新经济”。针对这一说法 ,本文从传统经济学理论有关菲利普斯曲线的论述出发 ,通过理论和实证分析认为 ,通胀率与失业率“两低并存” ,实际上并没有改变传统经济学法则 ;菲利普斯曲线在美国“新经济”中依然有效。美国“新经济”出现通胀率与失业率“两低并存” ,其原因可以解释为 :1 “自然失业率”下降 ;2 强势美元带来“总供给的有利冲击” ,使菲利普斯曲线下移至更低水平。 Many “new economy” economists think the Phillips curve has failed in the “new economy” in the United States and the traditional economic theory can no longer explain the “new economy” in the United States. In view of this argument, this article from the traditional economic theory on the Phillips curve of the discourse, through theoretical and empirical analysis, the inflation rate and unemployment rate “co-exist”, in fact, did not change the traditional economics law; Phillips curve In the United States “new economy” still in effect. The reasons for the “two new lows” in the “new economy” in the United States of America appear to be “two coexistences”. The reasons for this can be explained as follows: 1 The “natural jobless rate” declines; 2 the strong US dollar brings “a favorable impact of aggregate supply” and the Phillips curve shifts downward To a lower level.