21 Jul HOW DID THE INFLATION-UNEMPLOYMENT RELATIONSHIP CHANGE IN THE POST- 1970S?
c. (14 points)The original Phillips curve can be represented by the following equation: ! = + Show more c. (14 points)The original Phillips curve can be represented by the following equation: ! = + ! where ! is the inflation rate u is the unemployment is a coefficient; m is the markup and z represents relevant structural features of the economy. Provide an interpretation of the relationship represented by the equation. Plot the Phillips curve on a graph. While this relationship held pretty well in the 1960s it broke down starting from the 1970s. What caused this breakdown? How did the inflation-unemployment relationship change in the post- 1970s? Explain verbally; no need for mathematical illustration/equations. Show less
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