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Estimating the determinants of inflation. p t = a 0 + b yt + q Det + # t (25) This equation is the Phillips

Estimating the determinants of inflation.

pt = a0 + byt + qDet + #t (25)

This equation is the Phillips curve. It says that inflation is determined

by excess demand and a set of supply shocks, here measured by the

rate of exchange rate

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