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Consider an economy on its long-run path. The inflation is 10%. Suppose the slope of the Phillips curve is v: . In order to bring

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Consider an economy on its long-run path. The inflation is 10%. Suppose the slope of the Phillips curve is v: . In order to bring the inflation rate down from 10% to _ %, GDP should fall below its potential value by _ %. Choose your own values to answer this question. Justify carefully your

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