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1.Why was it necessary to update the Phillips Curve theory? How have the changes to the Phillips Curve theory (the Expectations-Augmented Phillips Curve) changed the

1.Why was it necessary to update the Phillips Curve theory? How have the changes to the Phillips Curve theory (the Expectations-Augmented Phillips Curve) changed the interpretation of the relationship analyzed first in the Phillips Curve? Be sure to discuss specific events that helped lead to the changes to the theory.

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