[Related to the Making the Connection on page 1052] In 2014, at a conference on “Labour Economics after The Crisis” in Brussels, a study was presented in which the author stated that “Europe needs to...

[Related to the Making the Connection on page 1052] In 2014, at a conference on “Labour Economics after The Crisis” in Brussels, a study was presented in which the author stated that “Europe needs to re-discover the Phillips Curve and pursue higher inflation if the EU is to make progress towards the 75% employment rate target [. . .]”.It also stated: “Nominal interest rates should be kept at very low levels and inflation expectations need to rise.” Using a graphical representation of the Phillips curve, in the short and the long term, discuss whether you think that the reasoning is going to be valid in the long run.