A vertical long-run Phillips curve implies that in the long-run there is no trade-off between unemployment and inflation.

Question

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In the long-run, the economy will adjust to its natural rate of unemployment, and any attempts to reduce unemployment through monetary or fiscal policy will only result in temporarily higher inflation. Therefore, a vertical long-run Phillips curve implies that there is no trade-off between unemployment and inflation as any attempts to reduce unemployment will only result in higher inflation in the long run.

A Vertical Long-Run Phillips Curve Implies That in the Long-Run