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he original Phillips curve is given by the following equation: t=+ (m+z) ut a) Based on the above equation, what is the trade-off between inflation

he original Phillips curve is given by the following equation:

t=+ (m+z) ut

a) Based on the above equation, what is the trade-off between inflation and unemployment? How did the policy makers in the US use this trade-off in the 1960s?

b) Why did the apparent trade-off between inflation and unemployment disappear in the 1970s?

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