Question: What is the Phillips curve? What role does it play in the short-run model? Explain the role played by each term in the equation for

What is the Phillips curve? What role does it play in the short-run model? Explain the role played by each term in the equation for the Phillips curve.

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What is the Phillips curve? What role does it play in the short-run model? Explain the role played by each term in the equation for the Phillips curve.

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