Explain why expectations-augmented phillips curve provided

Reference no: EM133536315

Problem: Define the concepts of "static Phillips Curve" and of "Adaptive Expectations-Augmented Phillips Curve". Explain why the expectations-augmented Phillips Curve provided an explanation for inflation and unemployment data in the US over the 1970-1980s. Discuss the consequences of adaptive expectations for policies that make the unemployment rate deviate from its natural level and for the costs of disinflation.

Reference no: EM133536315

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