There is an interesting post on Noahpinion blog about the shifting, short run Phillips curve.
My comment: Since the present position of the curve is in the low inflation range it is a good time to have some inflation, in order to accelerate the pick up of growth and the reduction of unemployment without incurring too much inflationary risk. Indeed the low inflation-high unemployment mix for 2010 (not represented on the chart) is situated on the right extremity of the lowest curve. Thus a little bit more of inflation should buy a significant increase in employment.
Here is the chart:
And the complete post is here.