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3. This question is about alternate theories of the so called 'flattening' of the Phillips curve. To answer this question, use the following form of
3. This question is about alternate theories of the so called 'flattening' of the Phillips curve. To answer this question, use the following form of the Phillips Curve: * = Bi(w - ") + BE,[miti] + v Where wt is unemployment in the United States. A flattening refers to the coefficient S getting smaller. (a) What theory did Jorgensen and Lansing (2019) offer for the flattening of the Phillips of the curve (pretend you're explaining it to a journalist)? (b) Suppose firms are employing more and more workers from abroad. There- fore, their marginal costs are made up of both domestic wages and international wages. How might this fact provide an alternative/complementary explanation for the flattening of the Phillips curve
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