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Using the Phillips Curves, What Are the Short-Run and Long-Run

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Essay

Using the Phillips curves, what are the short-run and long-run effects of a decrease in the inflation rate?


Definitions:

Experimental

Referring to a method of investigation in the sciences and social sciences in which variables are manipulated to observe and measure effects on a particular outcome.

Natural

Pertaining to or derived from the physical world and the processes in it.

Experimenter Bias

The influence of the researcher's expectations or personal beliefs on the outcomes of an experiment.

Subject Bias

A tendency for participants in research to respond or behave in a certain way because they are aware they are being studied.

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