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Long-Run Phillips Curve
A macroeconomic concept that suggests there is no long-term trade-off between inflation and unemployment, implying that in the long run, the economy reaches a natural rate of unemployment regardless of inflation.
Natural Rate
The natural rate often refers to the natural rate of unemployment, which is the level of unemployment consistent with a stable inflation rate over time.
Phillips Curves
A graphical representation indicating the inverse relationship between the rate of unemployment and the rate of inflation in an economy.
Expected Inflation
The anticipated rate at which the general level of prices for goods and services will rise over a period.
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