The long-run Phillips Curve is essentially a horizontal line at the economy's natural rate of inﬂation.

Name: The long-run Phillips Curve is essentially a horizontal line at the economy's natural rate of inﬂation.
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The long-run Phillips Curve is vertical at the economy's natural rate of unemployment, not inflation, indicating that there is no trade-off between inflation and unemployment in the long run.

The Long-Run Phillips Curve Is Essentially a Horizontal Line at the Economy's