Scenario 2 Suppose the Natural Rate of Unemployment Is 6 Percent, the Percent

Essay

Scenario 2
Suppose the natural rate of unemployment is 6 percent, the expected inflation is 2 percent, and the constant a in the short-run Phillips curve equation is 0.8.
-Referring to Scenario 2, draw the long-run and short-run Phillips curves. What is the inflation rate corresponding to the intersection of the two curves?