What is the modern view of the Phillips curve?

What will be an ideal response?

ANSWER:

The modern view is that there is no trade-off between inflation and unemployment except in the short run. People can be surprised and unemployment can go down if the government pursues expansionary monetary or fiscal policy. However, once people learn the true state of affairs, they will adjust their behavior and the natural rate of unemployment will prevail. The price level will be higher though.