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The Business Cycle (20 points) 1.(4 pts) What is the Phillips curve used for? 2.(8 pts) How do you use a Phillips curve to illustrate

"The Business Cycle" (20 points)

1.(4 pts) What is the Phillips curve used for?

2.(8 pts) How do you use a Phillips curve to illustrate an unexpected change in inflation?

3.(8 pts) If the expected inflation rate increases by 10 percentage points, how do the short-run Phillips curve and the long-run Phillips curve converge?

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