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The Phillips curve... O explains the natural rate of unemployment O reflects a short-run tradeoff between inflation and unemployment -- two good things O reflects

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The Phillips curve...

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O explains the natural rate of unemployment O reflects a short-run tradeoff between inflation and unemployment -- two good things O reflects a short-run tradeoff between inflation and unemployment -- two bad things O measures the Fed's willingness to stick with a particular interest rate target O illustrates the economy's production possibilities

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