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10 cards from this deck
Achieving one objective makes another harder to achieve
Actual > trend output; low unemployment; rising inflation
Actual < trend output; high unemployment; low inflation
Statistical relationship between inflation & unemployment
Short-run Phillips curve
Vertical line
Unemployment rate where LRPC intersects at zero inflation
Shift LRPC leftward, reducing natural rate of unemployment
Expected rate of future inflation rises
Rising inflation + falling growth = narrow path for BoE
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