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Draw a graph of a long-run Phillips curve. Is it different from the short-run?

Draw a graph of a long-run Phillips curve. Is it different from the short-run?

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Answer #1

A long-run Phillips curve is vertical at natural rate of unemployment reflecting no relationship with the rate of inflation. This is quite the opposite of the short run Phillips curve that tends to exhibits a negative relation with rate of unemployment implying reduction in unemployment can be brought about by a higher inflation rate.  

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