Suppose that the U.S. economy fully recovers from the 2008-2009 recession but the natural unemployment rate has
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Suppose that the U.S. economy fully recovers from the 2008-2009 recession but the natural unemployment rate has risen to 8 percent and the expected inflation rate is zero. How would the short-run and long-run Phillips curves change? Would the trade off be more favorable or less favorable than that of 2011? Draw a graph to illustrate your answer.
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