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Consider the following augmented Phillips curve: Tit - Ont- 1 = (m + z) - aut When 0 is equal to zero then: O Inflation

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Consider the following augmented Phillips curve: Tit - Ont- 1 = (m + z) - aut When 0 is equal to zero then: O Inflation fully depends on inflation in the previous period. O The augmented Phillips curve transforms into the original Phillips curve. O Inflation is very persistent. O Inflation expectations are one

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