Draw a graph with a steep Phillips curve and a graph with a gently sloped Phillips curve.
Question:
(a) Explain how the two economies respond differently to a boom and to a slump.
(b) What are some factors that might influence the slope of the Phillips curve?
(c) Do you think the slope of the Phillips curve has changed over time in the U.S. economy? Consider the United States in the 1970s versus today.
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Slope of the Phillips curve a In the steep solid economy a boom causes a sharp rise in inflation whi...View the full answer
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