The rising international integration of economies, dubbed 'globalization', has led to increasing competitive pressure. Suppose that the resultant import competition has curtailed domestic firms' ability to mark-up their prices. Explain and illustrate the short-run and medium-run impacts of this development using the IS-LM-PC model. In so doing, explain globalisation's impact on the Phillips Curve by tracing its effect back to the associated changes in Blanchard's model of the labour market. SOME REFERENCES AND READING MATERIAL: Laurence Ball and Sandeep Mazumder (2020), "A Phillips curve for the euro area", VoxEU column (04 Feb 2020) and ECB Working Paper #2354. Olivier Blanchard (2016), "The US Phillips Curve: Back to the 60s?" American Economic Review Papers & Proceedings 106(5), pp. 31-34. Olivier Blanchard (2021), "Macroeconomics" 8/e, Chapters 7, 8 and 9. use Olivier Blanchard (2021), "Macroeconomics" chapter 9 to answer this