In a press conference following a meeting of the FOMC, Chair Jerome Powell observed that in the
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In a press conference following a meeting of the FOMC, Chair Jerome Powell observed that “in the 1960s . . . the Phillips curve was quite steep.” If the Phillips curve is steep, would a decline in the unemployment rate lead to a relatively large or a relatively small change in the inflation rate compared with the situation in which the Phillips curve is flatter? Briefly explain.
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