In the context of the Phillips curve, stagﬂation can only be understood as a rightward shift of the
curve.

Name: In the context of the Phillips curve, stagﬂation can only be understood as a rightward shift of the curve.
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Stagflation, characterized by high inflation and unemployment, can be represented by a rightward shift of the Phillips curve, indicating a breakdown in the inverse relationship between inflation and unemployment.

In the Context of the Phillips Curve, Stagﬂation Can Only