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what is the modification of Phillips curve?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Would you expect to see long-run data trace out a stable downward-sloping Phillips curve?
Typed plzzzz and Asap
From your understanding what the Phillips curve is, is it possible for the unemployment rate to increase while inflation also increases? Explain.
What kind of changesin the economy might infuence the slope of the Phillips curve?
How can you show an output gap on the vertical phillips curve model?(can use the full inflation targeting model if that helps)
Which of the following is a component of the structure of the short-run model? MP curve IS curve Phillips curve All of the above
What is meant by the Phillips Curve “tradeoff”? Group of answer choices Demand pull inflation results in lower unemployment. High inflation results in high unemployment. High unemployment eventually returns to normal. High inflation eventually slows down.
How the Phillips Curve model (and associated diagram) could be modified to take account of shifts in the relationship over time?
Prior to the mid-1970s, many economists thought a higher rate of unemployment would reduce the inflation rate. Why? How does the modern view of the Phillips curve differ from the earlier view?
Using the Phillips curve: imagine a country is having a higher unemployment rate than usual for a longperiod of time (higher than the natural rate). What should happen in the short term and in the longterm?
What happens in the Phillips Curve diagram when the AS curve shifts?