Suppose the economy is in a long-run equilibrium with the unemployment rate at 6% and inflation rate at 3%.
a) Draw and briefly discuss the Short Run Phillips Curve (SRPC) and Long Run Phillips Curve (LRPC) for this particular economy.
b) Show how an opportunistic government can use the trade-off provided by the Phillips Curve in order to manipulate the electoral business cycle (draw graphs to support your answer).
c) Can governments from the countries that belong in the Eurozone use this trade-off provided by the Phillips curve? If so, why, If not, why not?
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