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aWhy is the long-run Phillips curve vertical? b) Why is the short-run Phillips curve downward sloping? c) Explain the impact of a reduction in the

  1. aWhy is the long-run Phillips curve vertical?

b) Why is the short-run Phillips curve downward sloping?

c) Explain the impact of a reduction in the central bank's inflation target in both the short- and long-run.

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