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(Solved): 2. Discuss short-run and long-run Philips curves. Explain the debate regarding a potential trade-off ...



2. Discuss short-run and long-run Philips curves. Explain the debate regarding a potential trade-off between inflation rate and unemployment rate in the short-run and the long-run. What policy choices are available to policy makers? What is the role of price expectation in this model?



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The relationship that exists between inflation in an economy and the unemployment rate is described using the Phillips curve. What does the Phillips c
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