When workers have constant inflation expectations, we get the traditional Phillips Curve; when workers have adaptive inflation expectations, we get the expectation$-$augmented Phillips Curve.

a$.$ What does it mean to say that workers have constant inflation expectations.

b$.$ What does it mean to say that workers have adaptive inflation expectations.

c$.$ What is the traditional Phillips Curve. Explain how we get the traditional Phillips

curve when workers have constant inflation expectations.

d$.$ Explain why the traditional Phillips curve no longer obtains when workers have

adaptive inflation expectations.

e$.$ What is the expectation$-$augmented Phillips Curve. Explain how the economy is

characterized by the expectations$-$augmented Phillips Curve when workers have

adaptive inflation expectations.

f$.$ Use this discussion to comment on the history of the Phillips Curve in the US

economy in the decades since the $1940$s$.$