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Explain why the Phillips curve relationship in the basic New Keynesian model takes the form it does The Phillips curve relationship indicates that a higher output gap reduces current inflation. This is because as current inflation increases. In addition, it indicates that a higher anticipated future rate of inflation increases current inflation. This is because as current inflation increasesExplain why the Phillips curve relationship in the basic New Keynesian model takes the form it does The Phillips curve relationship indicates that a higher output gap reduces current inflation. This is because as current inflation increases. In addition, eases current inflation. This is becaus non-sticky-price firms will reduce prices irrent inflation increases sticky-price firms will reduce prices sticky-price firms will see an increase in demand sticky-price firms will see a reduction in demand sticky-price firms will increase prices non-sticky-price firms will see an increase in demand non-sticky-price firms will see a reduction in demand non-sticky-price firms will increase pricesExplain why the Phillips curve relationship in the basic New Keynesian model takes the form it does The Phillips curve relationship indicates that a higher output gap reduces current inflation. This is because as current inflation increases. In addition, it indicates that a higher anticipated future rate of inflation increases current inflation. This is because as current inflation increases. non-sticky-price firms will increase prices non-sticky-price firms will see a reduction in demand sticky-price firms will see an increase in demand sticky-price firms will reduce prices sticky-price firms will see a reduction in demand non-sticky-price firms will reduce prices non-sticky-price firms will see an increase in demand sticky-price firms will increase prices