Explain How the Original Phillips Curve Differs from the Expectations-Augmented

question 17

Essay

Explain how the original Phillips curve differs from the expectations-augmented Phillips curve (or the modified,or accelerationist Phillips curve).

---

Definitions:

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Self-fulfilling Prophecy

A belief or expectation that influences behaviors in a way that causes that belief to become true.

Learned Helplessness

A condition resulting from a person or animal learning that their actions have no effect on the environment, leading to a lack of motivation or depression.

Stereotype Threat

The risk of conforming negatively to a stereotype about one's group, which can diminish performance in affected individuals.