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[10 marks] [Total 50 marks] Question 3 Answer both parts (a) Discuss why the expectations-augmented Phillips curve can explain what has happened to the inflation-unemployment

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[10 marks] [Total 50 marks] Question 3 Answer both parts (a) Discuss why the expectations-augmented Phillips curve can explain what has happened to the inflation-unemployment trade-off since the 1970s, [25 marks] (b) Explain why demand policies can only reduce unemployment below the natural rate in the short-run. [25 marks]

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