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Do you observe a Phillips curve, a reverse Phillips curve, or no relationship in the long-run? Explain your answer! What does this imply about the stability of the short-run Phillips curve over time?   I attach a picture. Just answer if there is a Phillips curve, a reverse Phillips Curve or no relationship and why you think so. Thank you.

Do you observe a Phillips curve, a reverse Phillips curve, or no relationship in the long-run? Explain your answer! What does this imply about the stability of the short-run Phillips curve over time?   I attach a picture. Just answer if there is a Phillips curve, a reverse Phillips Curve or no relationship and why you think so. Thank you.

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
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Do you observe a Phillips curve, a reverse Phillips curve, or no relationship in the long-run?
Explain your answer! What does this imply about the stability of the short-run Phillips curve
over time?

 

I attach a picture. Just answer if there is a Phillips curve, a reverse Phillips Curve or no relationship and why you think so. Thank you.

FRED Unemployment Rate (left), Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (bottom), Jan 1948 Jan 2023 Percent 15.0 12.5 10.0 7.5 5.0 2.5 0.0 -2.5 2.5 Source: U.S. Bureau of Labor Statistics 5 7.5 Percent Change from Year Ago 10 myf.red/g/104lk 12.5
Transcribed Image Text:FRED Unemployment Rate (left), Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (bottom), Jan 1948 Jan 2023 Percent 15.0 12.5 10.0 7.5 5.0 2.5 0.0 -2.5 2.5 Source: U.S. Bureau of Labor Statistics 5 7.5 Percent Change from Year Ago 10 myf.red/g/104lk 12.5
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