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23 August, 11:34

If expected inflation rises, the long-run Phillips curve will

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  1. 23 August, 14:36
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    Even though the Phillips curve is an empirical model has historically shown that the rate of unemployment and the rate inflation is inversely proportional, this is only observed in the short-run. In a graph, this is shown as non-linear.

    The Long-run Phillips curve, on the other hand, is linear. This means that there's no constant trade-off with regard to inflation & unemployment.
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