The data in Figure 12.14 suggest an unemployment coefficient of approximately -1.0 in the Phillips curve. That
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FIGURE 12.14 Evidence for the Phillips Curve, 1960-2009 Change 6 in inflation (percentage points) 1974 4 3 2 .1980 -2 -3 -2 2 3 Deviation of unemployment from natural rate (percentage points)
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