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Used Phillip's curve55 Based on question 2 above, use the Phillips curve to illustrate and briefly explain (in no more than 30 words): i. The

Used Phillip's curve55

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Based on question 2 above, use the Phillips curve to illustrate and briefly explain (in no more than 30 words): i. The impact of the monetary policy in the short run; and ii. The impact of the monetary policy if the authorities announced its intent in advance. [6 marks]

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