Since the Great Recession, inflation seems to react significantly less to changes in the short-term output. This phenomenon is referred to as the flattening of the Phillips curve. Consider the Phillips curve equation: , = me + VYt + o' a. What should change in the Phillips curve to mirror the "flattening of the Phillips curve?" b. Given your answer in a), how would the AS change? Hint: Think of the slope of the AS. C. Suppose the Federal Reserve decreases the Fed funds rate. What would change in the AS-AD framework? d. Consider the decline in the Fed funds rate in part c). Compare the new economic equilibrium when the Phillips curve is flatter with when it is steeper. e. In the case of a Phillips curve flattening, what could be the (potentially) better strategy for the Federal Reserve to affect inflation