Draw a typical phillips curve

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Reference no: EM13982046

a) Draw a typical Phillips Curve

b) Explain why some economists claimed that the Phillips Curve represented a menu of social choice.

c) Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?

d) Given the new view of the Phillips Curve, why do economists believe that a "credible" inflation reducing policy will be less costly than an "incredible" inflation reducing policy?

Reference no: EM13982046

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