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What is the phillips curve used for

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Reference no: EM132601334

"The Business Cycle"

1. What is the Phillips curve used for?

2. How do you use a Phillips curve to illustrate an unexpected change in inflation?

3. If the expected inflation rate increases by 10 percentage points, how do the short-run Phillips curve and the long-run Phillips curve converge?

Reference no: EM132601334

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