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Unit 3.3(4): The conflict between macroeconomic objectives(HL)

This page covers the nature of the Phillips Curve, the theory behind it, and the short-run and long-run Phillips Curves. The Phillips curve describes the relationship between inflation and unemployment rates. Phillips established that as the inflation rate decreased(increased), unemployment increased(decreased). Diagram 3.30(4) illustrates the Phillips Curve. Aggregate demand and supply can explain the negative...

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