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Why we see this difference in the short-run and long-run

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Question: Neo-Classical Phillips Curve The previous chapter introduced the Phillips curve from a Keynesian perspective, and in that section, we saw a tradeoff between Inflation and Unemployment. picture1.jpg When we look at this from a long-run, Neo-Classical perspective in Section 2, we see the Phillips Curve become vertical, indicating no relation between Unemployment and Inflation. picture2.png In this discussion, your task is to: Explain why we see this difference in the Short-run and Long-Run, and create a practical example to illustrate this difference. Explain an advantage of thinking in the Long-Run.

Reference no: EM133600248

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