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Macro 3.4- The Phillips Curve (Short and Long Run)AP Economics

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Uploaded on Sep 7, 2010

Mr. Clifford's explanation of the short run and long run Phillips curves. In the short run, there is a negative relationship between inflation and unemployment. In the long run, there is no trade-off between inflation and unemployment. The long run Phillips curve shows that the natural rate of unemployment is not affected by inflation. Please keep in mind that these video lessons are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class.




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