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Please, anything helps. To those who are willing to help, thank you so much. Please provide as detailed answers as possible:? Consider the following Phillips

Please, anything helps. To those who are willing to help, thank you so much. Please provide as detailed answers as possible:?

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Consider the following Phillips curve data for OECD countries. Source here. Phillips curve across OECD countries by decade CPI Inflation (56} 5 . 1989-1998 -2 -'|.5 -'| 0.5 0 0.5 'l 1.5 2 2.5 Unemployment gap Your task is to explain: (i) Why the data for all of the three time periods shown are scattered quite widely around the lines drawn through the data, rather than sitting close to the line as they would be according to the Phillips Curve. (ii) Why there appears to have been a shift downward-left of the whole Phillips Curve over time. (iii) Why the relationship is much flatter over the period 2009-2018 (iv) How the Phillips Curve model (and associated diagram) could be modified to take account of shifts in the relationship over time

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