The data in Table 30-2 describe inflation and unemployment in the United States from 1979 to 1987.

Question:

The data in Table 30-2 describe inflation and unemployment in the United States from 1979 to 1987. That the economy started out near the NAIRU in 1979 and ended near the NAIRU in 1987. Can you explain the decline of inflation over the intervening years? Do so by drawing the short-run and long-run Phillips curves for each of the years from 1979 to 1987.