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What is the shape of the neoclassical long-run Phillips curve? What assumptions do economists make that lead to this shape?

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter17: The Trade-off Between Inflation And Unemploy

Section: Chapter Questions

Problem 4DQ

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What is The Short-Run and Long-Run Phillips Curves?