Essay
Graph the Phillips curve using the data in the following table.
Unemployment Rate
Inflation Rate
8.0%
-2%
5.0
0
3.0
2
2.5
4
2.0
6
Suppose the government were to implement a supply-side fiscal policy aimed at increasing worker productivity by 2%.Show on a graph the impact of the policy on the Phillips curve.What are the implications of the productivity change for policymakers regarding unemployment targeting?
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