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Percentage point drop in its unemployment rate

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Suppose that for years East Confetti's short-run Phillips Curve was such that each 1 percentage point increase in its unemployment rate was associated with a 2 percentage point decline in its inflation rate. Then, during several recent years, the short-run pattern changed such that its inflation rate rose by 4 percentage point(s) for every 1 percentage point drop in its unemployment rate.

Graphically, did East Confetti's Phillips Curve shift upward or did it shift downward?

Reference no: EM131049418

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